DOVER, Del. (AP) — The nation's largest retail photography chain has filed for Chapter 11 protection from creditors.
Beltsville, Md.-based Ritz Camera Centers submitted its filing yesterday in federal bankruptcy court in Delaware.
Ritz operates some 1,000 stores under brands including Ritz Camera and Wolf Camera. At least 17 of those stores are in Colorado.
The company says revenue from its profitable photofinishing business have declined significantly with the shift from film to digital cameras. It also says an increase in gasoline prices, along with other economic factors, led to a sharp drop in sales in its Boater's World recreational marine business.
The company listed assets and liabilities at between $100 million and $500 million.
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The list of creditors is led by Nikon Inc. and Canon USA Inc., which are owed a combined $40 million in trade debt.
