Ritz Camera & Image LLC, at one time the largest U.S. chain of camera specialty stores, will liquidate it assets and go out of business, the company announced Sept. 10. As a result, the struggling 94-year-old Washington, D.C.-based company will close its remaining stores, including two in New Hampshire, at the Pheasant Lane Mall in Nashua and on South Broadway in Salem.
A U.S. bankruptcy court judge in Delaware signed off on a plan Monday for Boston’s Gordon Brothers Retail Partners LLC and Nortbrook, Ill.-based Hilco Merchant Resources LLC to assume control of most of the chain’s assets. The two liquidation companies were the highest bidders at a Sept. 6 auction.
Bloomberg reports that the company failed for the second time in three years to turn around the business plan. Ritz was unable to adjust as consumers moved away from film that required processing in favor of digital cameras that allowed home printing and online photo-sharing.
Find out what's happening in Nashuafor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
