Note: Wolf / Ritz Camera has filed for Chapter 11 Bankruptcy (All Over the Country)

PatrickHMS · Mar 17, 2009

so be very careful in your financial dealings with them from now on.

We had a refund check due from December of last year, just recently got it, and was expecting a mail-in rebate due from a Christmas purchase that I probably never will get. Instead, we got a letter announcing the Chapter 11, and we know that the rebate probably won't be coming. With them owing Nikon and Canon million$, my little $40.00 printer rebate ain't likely gonna happen.

Don't know about fire sales and deep discounts from their retail stores, but I sure wouldn't fall for any extended warranty offerings or other stuff that costs you extra $$ that you may never see.

Didn't know where else to put this, but thought there might be someone out there who didn't know, maybe this will save them some of their hard-earned money.

Caveat Emptor, especially nowadays...

Mike_E · Mar 17, 2009

Thanks for the heads up.

Maybe we should all go buy a filter or something?

Leicaguy · Mar 17, 2009

I have been going to them for years and never had any issues. Chapter 11 is just a part of these times. In the last ten years we have lost three other camera shops in my town.I will keep supporting my local shop until they're gone, if ever.
Leicaguy

QUOTE=PatrickHMS;1561828]so be very careful in your financial dealings with them from now on.

We had a refund check due from December of last year, just recently got it, and was expecting a mail-in rebate due from a Christmas purchase that I probably never will get. Instead, we got a letter announcing the Chapter 11, and we know that the rebate probably won't be coming. With them owing Nikon and Canon million$, my little $40.00 printer rebate ain't likely gonna happen.

Don't know about fire sales and deep discounts from their retail stores, but I sure wouldn't fall for any extended warranty offerings or other stuff that costs you extra $$ that you may never see.

Didn't know where else to put this, but thought there might be someone out there who didn't know, maybe this will save them some of their hard-earned money.

Caveat Emptor, especially nowadays...[/QUOTE]

iflynething · Mar 17, 2009

Ha ha I used to work at Wolf Cameraa in Charlotte, NC and I just got a letter (actually duplicates) in the mail announcing (would it even be considered announcing?) that they have filed bankruptcy. I don't know what that means for me as a former employee

I'm hoping to get some awesome deals towards the liquidation time for memory and maybe a lens or so

~Michael~

JerryPH · Mar 17, 2009

iflynething said:
I don't know what that means for me as a former employee

It means that if they owe you any back pay... you are SOL... lol

Jaszek · Mar 17, 2009

if they have a 24-70 f/2.8 for at most $400 I might take a subway ride

dxqcanada · Mar 17, 2009

Ritz/Wolf camera has announced that it is selling it's Boating portion of the company and closing half of their stores (the ones that are the least profitable).

They have NOT announced that they are closing all of their stores.

They are in Bankruptcy Protection so they can clean things up to continue to be profitable to their shareholders.

usayit · Mar 17, 2009

I think you are all over reacting..

Bankruptcy (in general)
A condition in which a business cannot meet its debt obligations and petitions a federal district court for either reorganization of its debts or liquidation of its assets. In the action the property of a debtor is taken over by a receiver or trustee in bankruptcy for the benefit of the creditors. This action is conducted as prescribed by the National Bankruptcy Act, and may be voluntary or involuntary

Chapter 11:
The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)

* It doesn't mean that they are going out of business
* It doesn't mean they no longer have to honor refunds to their customers...
* It doesn't mean they suddenly should be treated like a bad retailer..
* It doesn't mean they suddenly not subject to laws that protect the consumer.
* Most importantly... Bankruptcy (in the US) is a PRIVILEGE meant to help individual and businesses in trouble. Too many (scum) have taken advantage/abused this privilege which resulted in rewritten laws which means future individuals who honestly got into trouble now have less assistance.

There have been numerous businesses that declared bankruptcy and managed to reorganize to a successful business entity. As much as I hope Ritz comes out of this stronger than prior, I wouldn't bet on it.... I am happy that my local camera shop is doing well and even expanding. As of right now, I wouldn't have second thoughts or hesitate to do business with them even in bankruptcy.

Finally, MANUFACTURER rebates are between YOU AND MANUFACTURER (Canon Nikon etc) not retailer (Best buy, Wolf, Ritz.. ). If the rebate is with the retailer, it should still be honored.... chapter 11 doesn't get them out of that. If the OP is referring to rebates from MANUFACTURER then you have no right to blame the retailer.

Also, most large retailers do not own the stock on their shelves. Their debt to Canon/Nikon is limited in that respect.

:er:

PatrickHMS · Mar 17, 2009

dxqcanada said:
Ritz/Wolf camera has announced that it is selling it's Boating portion of the company and closing half of their stores (the ones that are the least profitable).

They have NOT announced that they are closing all of their stores.

They are in Bankruptcy Protection so they can clean things up to continue to be profitable to their shareholders.

Never said they were going belly up, just posted a warning in case someone didn't know.

YOU take the risk to spend a couple hundred extra quid on an extended warranty for something you bought there. Maybe it WILL be there when you need it.

This might not be true, but was also told by someone on the inside that some of their stores were being offered for sale to the "highest" bidder, lock, stock and barrel.

Hope they DO remain in business, I have been a Wolf camera customer since 1969.

And I know that these are different times, but in these different times, I sure ain't gonna walk out of a store with them owing me any money.

And I essentially was told not to hold my breath waiting for my rebate that I have been expecting for 3.5 months.

dxqcanada · Mar 17, 2009

Hmm, you are most likely correct ... as the creditors get the first bit of money, then the shareholders, then the employees ... and lastly the customer.

Garbz · Mar 17, 2009

*Yawn* Chapter 7 (liquidation) is the one you really need to worry about. Plenty of businesses have survived Chapter 11 filings before.

usayit · Mar 17, 2009

dxqcanada said:
Hmm, you are most likely correct ... as the creditors get the first bit of money, then the shareholders, then the employees ... and lastly the customer.

Since when were customers the creditors? Last time I went to a store, I spent money... not loaned them money. Employees are still legally protected.... hours/tasks worked still require payment. Future employment, benefits (pensions for example), BONUSES, etc are not necessarily protected. I have never ever seen a Chapter 11 that resulted in agreed support contracts nor rebates to a customer not being honored.

If you are in a position (like Canon) to loan them stock for the store, then yah.. be worried... I doubt anyone in this thread is in this position.

As garbz put it... *Yawn*

AlexColeman · Mar 17, 2009

Meh.
I enjoy going in there and BSing with the guys. However I would never purchase there. Adorama is unbeatable, they are only slightly better then Best Buy.

Txaggie08 · Mar 18, 2009

As a Ritz employee who's been getting the legal briefs etc.

The bankruptcy was filed because we lost our line of credit, and have re-established the line with a new creditor. Ritz will not be closing(They are closing a few stores but less than half of them). Boaters world is the biggest drain on the corporation and needs to go.

Nikon and canon are shipping directly to us btw. You coming on here and blowing smoke making it sound like we are going belly up comes dangerously close to libel. I routinely send my customers to this forum for advice and to back up what I'm trying to sell them. I would appreciate you not making statements out your rear claiming we will be going out of business.

I'll give you a hint on those rebates btw, ours take no longer than everywhere elses does, and most come directly from epson.

usayit · Mar 18, 2009

PatrickHMS said:
YOU take the risk to spend a couple hundred extra quid on an extended warranty for something you bought there. Maybe it WILL be there when you need it.

Under chapter 11, the extended warranty contracts are intact. It is very rare to see them go null and void even WITH a store closure. Many retail chains are not in the warranty business. They are retailers of said services; ie a third party vendor would honor the agreement. I've been in this boat with "The Wiz" store chain went out of business.. Yes.. it was a little inconvenient having to deal with someone who is not local.

This might not be true, but was also told by someone on the inside that some of their stores were being offered for sale to the "highest" bidder, lock, stock and barrel.

Nothing new... liquidators. The process of selling off a particular chain can be costly for the company who doesn't have the resources to accomplish such task. As such, it is easier to just sell the entire location (and all of the contents) to a liquidator for a single transaction. The liquidator will then take care of the mess of cleaning out the location. There were signs post explaining the situation when Shaper Image, Circuit City, and CompUSA all went kaput.

And I essentially was told not to hold my breath waiting for my rebate that I have been expecting for 3.5 months.

As mentioned before, you should examine the address to which your rebate went to and contact that entity. If it is not a rebate through Ritz, then I would stop blaming them.