BELTSVILLE, Md. — Ritz Camera Centers Inc., the largest U.S. camera-store chain and owner of boating-and-fishing supplier Boater’s World, has filed for bankruptcy protection, blaming the recession and the transition to digital photography, according to a report on Bloomberg.com.
Digital photography “coupled with the losses experienced by the Boater’s World business” proved too much of a burden, the company's chief restructuring officer said in court papers, Bloomberg reported.
Ritz launched Boater’s World in 1987 in order to diversify its business, according to the article, but rising fuel prices helped lead to a sharp drop in sales at the unit’s stores.
The 91-year-old company has about 800 locations in more than 40 states and operates 130 Boater’s World Marine Centers.
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