Ritz Camera, the nation's largest camera and imaging chain, filed Chapter 11 bankruptcy due to the recession and digital photography trends. Ritz, which owns Wolf Camera and other sub-brands, had a difficult holiday season and increased pressure from creditors. The company hopes to keep operating during its restructuring.
consumer products: February 2009 Archives
The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments, many involved in housing and home goods, suddenly facing bankruptcy or liquidation.
Some recent changes of note:
- In Canton, Ohio, 85-year-old Art's Diamond Jewelers closed on Valentine's Day. Art's had 10 locations not long ago but the slowly declining business reached an end in the recession.
- Dearborn, Mich.: local booster Adray Appliance is closing after more than 50 years as a local presence. The owners are mulling options, including reopening in a smaller space, and refuse to call this "going out of business."
- Worcester, Mass. is saying farewell to 136-year-old M. Steinert and Sons. The piano dealer has two other locations in Massachusetts.
- And in Port Washington, N.Y., on the north shore of Long Island, the historic Knickerbocker Yacht Club has closed and put itself up for sale. Declining membership has hurt the club, which has a strong reputation in the sailing community.
Some good news: discount retailer Dollar General is accelerating store openings following a robust fourth quarter. The company is America's largest discounter in terms of number of doors, with more than 8,300 outlets. Dollar General is planning a robust 450-door expansion plan for 2009 and is remodeling hundreds of existing stores.
Spectrum Brands, a consumer products manufacturer, filed for bankruptcy amid a heavy debt load earlier this week. Spectrum, which manufactures Rayovac batteries, Remington shavers and a variety of household and pet products, is working on efficiencies that will strengthen the company after its filing. Continuing operations are expected.
In Minnesota, the Snyders Drug chain is becoming "smaller but stronger" with the closing of 19 stores. The regional chain, which dates to 1928 in Minneapolis, operated 47 stores before the announcement. Snyders successfully emerged from a 2003 bankruptcy filing but is suffering from a rapid CVS expansion.
