A camera chain with metro Atlanta connections -- and 24 Georgia locations -- has filed for bankruptcy and intends to close more than 100 stores nationwide, including 13 in this state.
It's the third time the entities that make up Ritz Camera & Image -- which in Georgia operates as Wolf Camera -- have filed for bankruptcy. Chief restructuring officer Marc Weinsweig said the company will likely lay off half of its 2,000-person workforce and exit a number of states, but will keep 11 stores open here.
The 94-year-old specialty camera and image chain -- the largest in the U.S. -- currently has 265 stores in 30 states, but will close 128 locations in the next two months, Weinsweig said. It cost too much to operate so many stores, he said.
The restructuring "gives us the greatest chance of success," he said.
Atlanta resident and former Ritz CEO Stephen LaMastra will help with the restructuring, Weinsweig said.
Ritz Camera & Image is headquartered in Beltsville, Md. The company's net sales were about $254 million for the 12 months that ended April 30, according to Friday's Chapter 11 bankruptcy filing in Delaware.
Ritz Interactive, the chain's e-commerce network, filed for bankruptcy separately in August 2011. The company has petitioned for the cases to be combined. It has also asked to continue operating customer reward programs such as RitzPix Network and the Frequent Foto Club.
Ritz Camera bought the Alpharetta-based Wolf Camera for $84.7 million when the latter company filed for bankruptcy in 2001.
Then, Ritz Camera Centers filed for bankruptcy in 2009. Ritz & Wolf Camera & Image was created by investors who purchased the company's assets out of bankruptcy later that year. It also operates Boater’s World Marine Centers.
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