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.
Ritz, apparently unable to span the digital camera revolution, has been struggling to stay in business for several years now. When Ritz filed for bankruptcy in June of this year, it had roughly 1,960 employees. The company's zone director didn't say exactly when the Wolf stores would close, and he directed questions and comments to corporate headquarters.
Companies that file for Chapter 11 bankruptcy, which is a reorganization bankruptcy, have the chance to pursue firmer financial footing while keeping the business open. Likewise, individuals may want to reorganize assets through Chapter 13 bankruptcy. Chapter 13 is reserved for people whose income is too high for Chapter 7 bankruptcy, which is called liquidation bankruptcy. Chapter 13 lets filers consolidate and repay debts over a three- to five-year period. This kind of bankruptcy is meant to help the filer keep his or her assets.
If you would like to know more about the different kinds of bankruptcy, feel free to stop by our Denver bankruptcy site. There you'll find information on which kind of bankruptcy is right for a specific situation.
Source: Denver Post, "All 7 Wolf Camera stores in Colorado closing as parent Ritz liquidates," Howard Pankratz, Sept. 12, 2012