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Ritz Camera Fails to Find Buyer, Given OK to Liquidate

Silver Spring location went out of business in June.

Ritz Camera & Image LLC was granted permission to liquidate after the Beltsville, MD-based company failed to find a buyer, according to court records and published reports.

Ritz filed for bankruptcy in June, according to federal court records obtained by Patch. The Burnt Mills location in Silver Spring .

It is the second time in three years Ritz Camera has filed for bankruptcy, the court records show.

On Sept. 6, the company held an auction to sell the company or, as Bloomberg Businessweek reported, “sell the right to liquidate the chain through going-out-of-business sales.”

The auction was won by two liquidation companies, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, The Washington Business Journal reported.

The company’s origins date back to 1918. As of Monday, it was unclear when its remaining 137 stores would close or when liquidation sales would begin, The Washington Business Journal reported.

 

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Jerry September 11, 2012 at 04:29 PM
This is a sad commentary of how the convenience and instant gratification of digital imaging have prevailed over the quality of film in photography. Film still ultimately has superior information capacity and longevity. Negatives over a century old still provide us with beautiful images of people and places long gone. It is doubtful that digital image files endure for even a fraction of that time, given the volatility of both its formats and storage media. The gold standard for color imaging was and remains Kodachrome slide film, which both the consumer and Eastman Kodak thoughtlessly abandoned. It was also the only demonstrated archival color medium. A reasonably stored Kodachrome will last 300 years. Ritz Camera is just one of the many casualties of the consumer stampede away from the quality and longevity of Kodachrome and other film media.

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