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Following an aggressive expansion strategy by Ed’s son, David Ritz, the retailer became the nation’s largest photo-specialty chain with more than 1,000 stores in 47 states and the District of Columbia.
However, another victim of the digital revolution and the popularity of price competitive e-tailers, the company faltered and saw profits decline and debts rise to more than million by 2009, when it filed for bankruptcy protection for the first time.
The bankruptcy will allow the company to escape unfavorable leases, improve cash flow and restructure its debts, the court papers said.The stores that will close are in Westfield Horton Plaza in downtown San Diego and in Encinitas Town Center, 1006-D N.El Camino Real, according to a list posted today on the company's Facebook page.Two stores will remain open, in Grossmont Center in La Mesa and in Westfield UTC. Of its 265 stores in 34 states, it plans to close 128 locations and cut its staff of 2,000 in half.The 94-year-old company says that it is the largest U. This is the second time Ritz has sought protection under the bankruptcy laws, having emerged from Chapter 11 two years ago, Bloomberg said.
The manager of the Horton Plaza store said that a closing date has not been set.