BusinessWeek reports Ritz Camera has filed for Chapter 11 on Sunday. Ritz owns about 800 stores nationwide under different names.
"Despite Ritz Camera's continued success in selling cameras and photographic equipment, the loss of revenues and profit margins from the diminution of the photofinishing business proved too much of a burden, coupled with the losses experienced by the Boater's World business in 2008, for Ritz Camera to remain a profitable company under its current structure,"
The company, has about 6,400 employees nationwide, recorded sales of under $1 billion in 2008. Ritz also owned a chain of boat showrooms called Boater's World.
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