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New York -- Ritz Camera & Image has filed for Chapter 11 bankruptcy protection. As part of its restructuring, the company, which has 265 stores in 34 states, plans to close 128 locations and cut its staff of 2,000 in half.
This is the second time Ritz has sought protection under the bankruptcy laws, having emerged from Chapter 11 two years ago.
The recent bankruptcy filing reveals that Ritz Camera has between $50 million and $100 million in assets and liabilities. Its largest unsecured creditors include Sony Corp. of America, Fuji Photo North America and Nikon.
Ritz operates stores under a variety of banners, including Ritz Camera, Wolf Camera, and The Camera Shop.