Ritz Camera Files Bankruptcy for Second Time in Three Years

Ritz Camera & Image, which calls itself the largest U.S. chain of specialty camera shops, filed for bankruptcy for the second time in three years after the founding family failed to turn around the 94-year-old retailer. Ritz listed debt and assets of at least $50 million each in Chapter 11 court papers in federal court in Wilmington, Delaware. The company, with sales of $254 million in the 12 months before April 30, said it wasn't making enough money to justify keeping open all its 265 stores.