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September 2012 Archives

Wolf Camera stores in Colorado close as part of Ritz bankruptcy

Colorado residents may recall that in 1998 Wolf Camera bought Robert Waxman Camera and Video and gave the stores a business makeover. In 2001, Ritz Camera in turn purchased Wolf. Now, in 2012, the seven Wolf Camera stores that are left -- all in Denver and Colorado Springs -- are being liquidated and will close as a part of Ritz Camera's bankruptcy proceedings. In 2001, Ritz had 23 Wolf Camera stores in Colorado, and that number had dropped to 16 in 2009.Ritz Camera, once the largest specialty camera shop chain in the United States, obtained permission from the bankruptcy court to liquidate all of the company's remaining 137 stores, including the Wolf stores. This last move came after Ritz could not find a bidder to buy the company out of bankruptcy.

College football coach files for Chapter 7 bankruptcy

Football fans in Colorado may be interested to learn that college coach John L. Smith filed for Chapter 7 bankruptcy in early September. Smith is now the coach for the Arkansas Razorbacks after that team's former coach, Bobby Petrino, was fired in the spring.

Consumer debt in Colorado ranked 4th in nation

For Coloradans who are struggling financially, it may come as no surprise that our state was recently ranked fourth in the nation for consumer debt. We can all hope that situation changes soon, but it's not difficult to understand how people find themselves pinned in by mortgage payments and using credit cards to cover basic expenses. Some people even work two jobs and have to use a credit card to put food on the table.

Business bankruptcy versus personal bankruptcy, is it fair?

Colorado residents know all too well what tough economic times can do to the family budget. As the kids head back to school the parents start receiving the credit card bills for school clothes and supplies leaving many to wonder how they will make ends meet. Many businesses are also faced with a dwindling cash supply and increasing debt load, but the rules for a business to seek debt relief are a little different than they are for the average consumer. Last year, 9,772 businesses filed for Chapter 11 bankruptcy compared to 1.4 million personal bankruptcies filed by consumers. Chapter 11 bankruptcy protection is a reorganization type bankruptcy also available to some consumers. Late last month, one business bankruptcy included a cable box repair company which filed a bankruptcy plan that was sanctioned by the court. The prepackaged plan allowed the company to reorganize and discharge almost $300 million of its debt, then emerge under new ownership.