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Originally founded in 1929, the company is currently owned by a creditors' trust left over partly from its 2006 bankruptcy.

The Journal article quotes bankruptcy expert and New York University professor Edward Altman saying that since 1985, 240 companies have filed for bankruptcy twice, about 11 have filed three times and only two have filed four times.

Specifically, retail debtors often only have a few weeks or months to sink or swim before it becomes necessary to employ store-closing or going-out-of business sales to liquidate inventory.

Administrative Rent The date that a bankruptcy case is filed (known as the "petition date") is a very important date for both the debtor and its creditors for many reasons.

This means that those services may re-emerge as new businesses under different names.

Store closing sales offering substantial discounts on all inventory at those locations will begin on Saturday, April 4, and are expected to continue until everything is sold to the bare walls.Strauss' five trips to bankruptcy court, however, seem to be unique among both private and public companies.the online stores) is going to start liquidating stores on Saturday, April 4, 2009 as part of its reorganization process. As a result, you may be able to find some deals in the coming weeks. Additionally, a complete list of store locations that are closing is listed below.In 2012, Ritz Camera was acquired by C&A Marketing.The family-owned company (Ritz Camera Centers, Inc., predecessor in interest to Ritz Camera & Image, LLC) was founded as a portrait studio in 1918 by Benjamin A.A joint venture group comprised of Great American Group, LLC, SB Capital Group, LLC, Tiger Capital Group, LLC, and Hudson Capital Partners, LLC, will be conducting the sales.Daniel Platt, senior vice president, capital markets, for Great American Group, said, “Long-time Ritz Camera customers as well as those with any interest in cameras, photography and video-related products will find a tremendous selection of quality, brand-name merchandise at greatly reduced prices.We reported earlier tonight that the entire chain of Wolf Stores was slated to be liquidated, but it turns out the damage doesn’t end there.A second source has now confirmed that the shutdowns go all the way up, and include Ritz Camera stores as well (Ritz Camera owns Wolf Camera).The entire lineup of camera shops was purchased yesterday by Hilco, an industrial liquidation company, which plans to shut down the stores and liquidate all the assets.The Ritz warehouse has been shut down, the online printing service is going offline, and all the company’s social networking accounts have been deleted.However, the period may be, and often is, extended for an additional 90 days by order of the Bankruptcy Court.As leases are often some of the most important assets of a retail debtor, this deadline often drives the schedule of a bankruptcy case.Under the Bankruptcy Code, the debtor or bankruptcy trustee has a period of 120 days from the commencement of the case to determine whether to assume or reject a commercial lease.If a decision to assume or reject is not made during this time period, the lease will be deemed rejected.




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