Does Nikon own 50% of the post-BK Ritz Camera?

Discussion in 'Digital Cameras & Equipment' started by Roger, Jul 29, 2009.

  1. Roger

    Roger Member Staff Member

    I stumbled across the first post at NR that said that David Ritz bought up Ritz Camera at the BK auction. ; At first, I was really upset because how many regular people can file bankruptcy, get rid of all the debt, and then buy back the assets at bargain level prices? ; I thought that was the reason for BK reform, but enough of the soapbox...

    Rumor has it that Nikon is a substantial investor in the new "owner" of the Ritz Camera chain, RCI Acquisition LLC, and that all Nikon goods have been pulled from the remaining stores since they don't know which stores will survive the settlement..

    http://nikonrumors.com/2009/07/28/is-th ... nikon.aspx

    I've done a little bit of digging, and apparently Canon was mentioned in one article, but not the others, as being the largest objector to this sale.

    http://amlawdaily.typepad.com/amlawdail ... oices.html

    There's the one that talks about Canon. ; There is a law news site that has more details, but you have to pay to get access to the article.

    http://www.gazette.net/stories/07102009 ... 2528.shtml

    According to above article Canon was the #2 largest creditor to Ritz. ; Guess who was #1. ; Nikon. ;
    Which gives creditability to this rumor.

    This is a little bit surprising but not if you consider that Nikon was risking losing most of the money owed to them. ; A little cash investment and a partial debt writeoff and you have a chance at making some of that money back. ; And since there will be no Nikon equipment at any other fire sales at the stores that will close......
     
  2. scpergj

    scpergj Member

    While I know nothing about the BK procedings or any of the other stuff going on, I can tell you that at my 'local' Ritz (The quotes are because it is still 28 miles from my house...) had a full cabinet of Nikon products last Sunday - saw it with my own two eyes!

    Of course, they could be allowed to sell the stock currently on hand, and not get any more stock in to replace it.
     
  3. mSummers

    mSummers Member

    Two weeks ago, my local Ritz did have a limited supply of Nikon camera gear. ; Notably absent from the store was the D3, D700 and D300 that they used to have there, and I don't think I saw any non-DX glass either.
     
  4. scpergj

    scpergj Member

    That's interesting...I'll be back out near my Ritz probably next weekend. ; I'm curious to see if the stock is depleted...I'm beginning to think it will be. ; I guess I'll need to find somewhere else to get my local Nikon fix!
     

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