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Ritz Camera Bankruptcy

Ritz Camera Centers Inc, which said it is the largest U.S. specialty camera and imaging chain, on Monday, February 23rd of 2009 filed for Chapter 11 Bankruptcy protection, hurt by the recession and consumers' shift to digital photography. The Beltsville, Maryland-based company filed for protection from creditors with the U.S. bankruptcy court in Wilmington, Delaware. Ritz said it has between $100 million and $500 million of both assets and liabilities.

Ritz operates under such names as Ritz Camera, Wolf Camera, Kits Cameras, Inkley's and The Camera Shops, and also operates the 130-store Boater's World Marine Centers chain. It said it had nearly $1 billion of revenue in the year ended Nov. 30, 2008. In an affidavit, Chief Restructuring Officer Marc Weinsweig said the company's lenders ordered the company in January to boost reserves, thereby reducing available credit.

He said this came after the recession caused Ritz's 2008 holiday sales to be "materially lower" than a year earlier. Ritz was also hurt by losses at Boater's World, which suffered falling sales in 2008 as gas prices soared. "The loss of revenues and profit margins from the diminution in the photo-finishing business proved too much of a burden, coupled with the losses experienced by the Boater's World business in 2008," he wrote. Ritz said it will seek court permission to obtain $85 million of financing to keep operating while it restructures. Among the largest unsecured creditors are Nikon Inc (7731.T), with a $26.6 million claim, and Canon USA Inc (7751.T), with a $13.7 million claim, the bankruptcy petition shows.

For more useful information on the Ritz Camera Bankruptcy, please visit Debt Consolidation Care.

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Kasia writes about financial issues.

Is now a good time to buy a Nikon d80?

I'm wondering if I should get a d80 now or if I should wait for what Nikon will release next. I could easily wait, but does anyone know when that will be?

Also what is wrong (if anything) with buying from a discount online site (http://www.stop4camera.com/shop/Product.asp?sku=nkd80) so long as they offer a warranty? I've read about some problems with hot pixels, but besides these defects, what do you need a USA warranty for (vs grey market)? Last time I purchased a digital camera, I tested it and the competition in store, but found the bargin online. I would like to do that again.

Also any suggestions on what Nikkor lenses should be avoided and why (some people complained about the kit ones)? I'm shooting for an overall budget max of $1200 so I think the 18-200mm VR is out.

And lastly, is a $200 price difference with the d40x worth going for it instead of the d80? Thanks

Please check http://www.resellerratings.com/store/Stop4Camera before completing your purchase.

The one thing we can GUARANTEE is that the day after you buy your D80, they will come out with a D80s. This is totally dependent upon YOUR purchase, though (at least that has been MY experience), so don't bother waiting. If you want the D80 as it is now, buy it now. Today's BEST camera will be tomorrows 98% as good camera. The D80 is already so good, that you probably won't even know what they added to the new model.

I confess I've owned a D200 for a year and a half and they didn't come out with a new model, so I'm happy about that.

Nikon DOES make "firmware" upgrades available on-line, which you download to your computer, put on your memory card and then upload to your camera, so don't fear being left in the dust.

I can't say what lens to avoid, but I can ease your fears about the kit lens. A couple of years ago, this was a problem for both Nikon and Canon, but they have addressed it by improving the quality of their kit lenses. You can safely buy the 18-55 or the 18-135, which costs about $230 more than the 18-55. The 18-135 will put you right up against your maximum budget, though.

As far as the D40X vs. the D80...

While the D40x is limited to AF-S lenses, this is not a real handicap if you don't already own any Nikon lenses. Every lens Nikon makes will probably be AF-S or whatever they replace that with. (See http://www.members.aol.com/swf08302/nikonafs.txt for a list of AF-S lenses.) The D80 can use practically ALL Nikon lenses ever made with the "F" mount. The D80 has many more metering zones than the D40, so those two factors would make it a better purchase for you.

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