Boaters World (Ritz) Bankruptcy

[S/V Elusive]

Another one bites the dust.

DOVER, Del. (AP) -- Ritz Camera Centers, the nation's largest retail photography chain, has filed for Chapter 11 bankruptcy protection. The Beltsville, Md.-based company submitted its filing Sunday in federal bankruptcy court in Wilmington, estimating assets and liabilities at between $100 million and $500 million. The list of its top 30 unsecured creditors is led by Nikon Inc. and Canon USA Inc., which are owed a combined $40 million in trade debt.

Ritz has about 800 photo stores in 40 states, operating as Ritz Camera, Wolf Camera, Kits Cameras, Inkley's and The Camera Shops. It also operates 130 Boater's World stores. The company, which has about 6,400 employees nationwide, recorded sales of just under $1 billion last year.

... I'm quoting a quote so if you want the rest of it, you'll have to do a Search - Boaters world has/had about 130 US stores and a mail order catalog.

[DavidGC]

With the huge changes in photographic technology in the last ten years, this comes as no surprise. I wonder how they held on so long.

Those specialty shops made their bread and butter from the serious amateur, who was looking for advice and products he couldn't get anywhere else. Now, when you can buy semi-pro-level gear at any big box outlet -- and you can shoot thousands of digital pictures for no cost at all, learing what makes a good photo, etc. -- these small, specialty shops were made obsolete. Heck, a beginner with a good eye and a $200 point and shoot camera can take great photographs these days.

The CD did the same thing to the small record/stereo store 20 years ago.

DGC

[Chief Engineer]

There will probably be a big failure of West Marine also as well as Boaters World.

Since the Internet, you can get better deals online. The greater majority of thir hardware and other goods is China made.

I used to use them (West) for my business, but they don't offer much of a discount to the marine trade anymore. Their discount varies from item to item. The thing that got me, was that it was cheaper for me to by non-toxic antifreeze (retail) from them than at the wholesale price....because they marked down the antifreeze from the MSRP.....I now have an independent marine store that gives me 25% across the board.....Fibreglass resin fairing compound? Lowes or Home Depot. Lowes and Home Depot are also selling bottom paint and top of the line varnish.

[S/V Elusive]

Originally Posted by Chief Engineer

....Fibreglass resin fairing compound? Lowes or Home Depot. Lowes and Home Depot are also selling bottom paint and top of the line varnish.

Really??!!! Is that just the East Coast? I'll have to pay a bit more attention ... well ... actually I'll actually have to go to Lowe's or HD.

[MoonlightShadow]

Originally Posted by S/V Elusive

Another one bites the dust.

estimating assets and liabilities at between $100 million and $500 million.

Estimating $400 million difference?

Their accounts department must have been a cool place to work.

[markpj23]

Note that the Boater's World stores in St Petersburg FL are still open for business - and still cheaper than West Marine I might add (my opinion). Don't know if I'd put a deposit on an ordered item, but otherwise it's business as usual.

[GordMay]

Originally Posted by Chief Engineer

... Their (West) discount varies from item to item...
...I now have an independent marine store that gives me 25% across the board...

It's difficult to offer a single accross-the-board discount, when each of your products have vastly differing margins.

[Ram]

One of the things i like about West Marine is they take back anything-

[clausont]

Originally Posted by Chief Engineer

.... Lowes and Home Depot are also selling bottom paint and top of the line varnish.

I will have to look closer at our Lowes. They have Helmsman spar varnish, but that was the best that I have found with them and no bottom paint. Did you find the bottom paint in their paint section?
Thanks

[Soundbounder]

There will probably be a big failure of West Marine also as well as Boaters World.

IMO, they both seem as if they overbuilt or over-expanded. Not quite as bad as Home Depot, but they just seem to have too many stores.

[kevingy]

Originally Posted by Soundbounder

IMO, they both seem as if they overbuilt or over-expanded. Not quite as bad as Home Depot, but they just seem to have too many stores.

Oddly enough, there's a Home Depot and a two Lowes nearby the little Florida town I live in - but there's not a Boater's World or West Marine for 40 miles or so. I don't live near the coast, but I do live in Lake County, on the shore of Lake Harris. Lake Harris is greater than 15,500 acres. Lake County is also home to Lake Griffin (>16,500 acres), Lake Eustis (>7800 acres), and the collection of "East Lakes" (combined >4500 acres).

I wish they would have overbuilt here.

[Chief Engineer]

The bottom paint is made by Rustoleum

[hatteras]

The last couple of times I have shopped at the West Marine stores & Boaters World I am the only one in there. I want buy enough to keep the door open.

[maxingout]

A sailing friend was an engineer on Ritz's yacht. I see that his yacht Sea Bowld is up for sale. Bowld is a contraction = Boaters World.
Sea Bowld Yacht For Sale

[Soundbounder]

Originally Posted by maxingout

A sailing friend was an engineer on Ritz's yacht. I see that his yacht Sea Bowld is up for sale. Bowld is a contraction = Boaters World.
Sea Bowld Yacht For Sale

At Boaters World, the store brand products go by the brand name Sea Bowld as well.