Steve's Digicams Forums

Steve's Digicams Forums (https://forums.steves-digicams.com/)
-   General Discussion (https://forums.steves-digicams.com/general-discussion-11/)
-   -   Ritz Camera's 400 stores heading to auction (https://forums.steves-digicams.com/general-discussion-11/ritz-cameras-400-stores-heading-auction-157193/)

interested_observer Jul 9, 2009 8:05 PM

Ritz Camera's 400 stores heading to auction
 
It appears that Ritz will not be able to remain in business...

http://www.reuters.com/article/marke...37940420090708

StevieDgpt Jul 9, 2009 8:31 PM

Yes, life sux. Another Brick and Motar merchant bites the dust.

Of course, for the Vultures among us, this is another opportunity to feast on the spoils of the business failure.

BTW, isn't Ritz.com a separate business entity from the Ritz stores? If so, Ritz.com can continue while the Ritz stores are liquidated.

TCav Jul 9, 2009 9:17 PM

Ritz Camera and RitzCamera.com are both owned by the same parent company.

StevieDgpt Jul 9, 2009 11:20 PM

Similar ownership is not the question.

is the .com division a separate business entity from the b&m entity?

The reason I ask that question... when Ritz declared bankruptcy earlier this year and made the decision to reduce the number of stores down to approx 400, there was a comment from the various legitimate business news websites (Reuters, NYT, Twice etc) that the actions of Ritz b&m would not affect the .com division.


Visiting Ritzcamera.com

Quote

Ritz Interactive and its e-commerce websites, (which include RitzCamera. com .....) is a separate company from Ritz Camera Centers. (which includes Ritz Camera Centers, Wolf Camera, Kits Camera and others).


Unquote

Currently the news releases at Reuters speaks of the stores but makes no mention of the .com entity, which raises this question about the .com entity.


Having raised this question, when CC was closed this spring there were multiple entities under the CC name and each of the USA entities was affected by the CC bankruptcy.

billy Jul 10, 2009 9:36 AM

Quote:

Originally Posted by StevieDgpt (Post 982922)
BTW, isn't Ritz.com a separate business entity from the Ritz stores? If so, Ritz.com can continue while the Ritz stores are liquidated.

Yes, they are separate. RitzCamera.com will not be effected by the B&M stores closing.

Edit: Let me rephrase that. From my understanding, RitzCamera.com will not be effected by the B&M stores closing.

StevieDgpt Jul 10, 2009 11:39 AM

Thanks Billy.

If true (which I believe it is), then good vulture deals will be only available thru the b&m stores.

Closest Ritz b&m is 65 miles away. I guess it is time to plan a road trip.

interested_observer Jul 10, 2009 4:00 PM

It sounds like its a series of shoes falling...
"The company, which had 800 stores when it filed for Chapter 11 bankruptcy earlier this year, said it no longer had enough funds to purchase fall inventory and continue operations, forcing it to sell the remaining locations.


The company said it had "determined for a number of reasons that a plan to exit bankruptcy as a stand-alone going concern business is not a likely option," according to documents filed Tuesday in federal bankruptcy court in Delaware."
In that it appears to be a cash problem, this might be a way to fund the .com operation, and the .com operation can be geographically concentrated as opposed to B&M locations.

Coax Jul 20, 2009 4:01 PM

A very good guess,Circuit City has started its .com back up for about a month now and has been bombarding me w/junk mail.

StevieDgpt Jul 20, 2009 5:48 PM

Quote:

Originally Posted by Coax (Post 985734)
A very good guess,Circuit City has started its .com back up for about a month now and has been bombarding me w/junk mail.

The assets of Circuit City .com were purchased by Systemax (aka Global, Tiger Direct etc). Assets include the name, websites, web technology, servers etc.


So you are correct in saying CC is back up, but please be aware it is not the same Circuit City of old. This ownership change is important, relative to gift cards, warranties, returns etc.

rjseeney Jul 20, 2009 7:21 PM

I just visited a Ritz and it is business as usual, no sign of of impending doom.


All times are GMT -5. The time now is 1:41 AM.