So the Ritz debacle leaves some 54 million bucks that it(Ritz) won't have to pony up! I have heard that Nikon Camera was into Ritz for close to 20 million or so! Even companies as big as Nikon don't handle this kind of loss well. Recent reports from Nikon Japan were that they were letting go of nearly 1,000 workers. Ya think maybe it had something to do with good old Ritz cameras? If Dave Ritz can keep his rather large chain of stores afloat, then I am happy for those at the ground level who will still keep their jobs. But please don't think this type of capital transgression doen't have it's ripple effects some where on the planet because any creditors who were owed money by Ritz Cameras are now licking their wounds!! And when the numbers come up to a staggering 54 millon bucks, those can be mortal wounds that WILL NOT HEAL!!!!!

Reply

The biggest crooks in the camera business. The've been cheating consumers for years. Now add 54 million more.

Reply

If anyone is surprised by this, they must be pretty naive. I saw this coming a week ago. A bankrupt businessman uses the online branch of his business (Ritz Interactive)to buy his assets at pennies on the dollar. Now he has all the mall landlords over a barrel, especially the ones that own several malls. They either renegotiate a better lease, or he walks away and they are stuck with empty spaces in a down economy. And all the vendors he stiffed, like Canon, to the tune of $20+ million? They'll still sell him product, because they can't afford to not have him carry their product. It may just be business, but I sure couldn't look myself in the mirror every morning after that. As a small camera store owner myself, I'd rather be ethical and able to sleep at night, knowing I treated my customers right. And the truth is, if people would take the time to ask, we can be more flexible on our pricing than Ritz and the online stores. If you don't believe me, check out our site at http://www.moldaners.com . Then, contact me about pricing and see what we can do.

Reply

It is my understanding that Nikon is indeed the hero in this battle and I say "God Bless Them, everyone" Ritz Camera made the name Nikon something you could respect in this country. I was a store manager of this company and I am proud that this fine organization was able to save itself. I only wish that they had listened to we managers last year and before. We had some damn good ideas. A former district manager has told me that Nikon is buying back the inventory at full wholesale value-- that is not a walk away. Canon could have done the same. Nikon will re-sell that merchandise and probably not lose much. Now, I hope that Ritz will get out of those mall stores and keep and open store fronts. They need to really listen to their store managers. Walt Disney used to say "When you bring me a problem, bring me also a possible solution-- and sometimes, all I have to do is say "Yes!" They should also promote their existing gift cards in every denomination and put them in super markets and drug stores. and spend less on expensive catalogs. This company has grown so incredibly-- perhaps too fast. I was there in 1980 when they opened their first California stores in Ontario, Riverside and Rancho Cucamonga. So God bless you, David. I am so happy for you. Sour grapes are not called for here. Think of the hundreds of jobs saved by this brave man stepping up to the plate and saving a ninety-one year tradition. I lost mine with them during this craziness, but I applaud any one who does not give up. Those liquidators would have only profited themselves. Who knows maybe its time for this company to go public-- infuse some new money into a grand tradition. And for those whose jobs were saved-- go out and sell like crazy. I would.

Reply