Ritz Camera Asks For Conversion From Ch. 11 To Ch. 7

Law360, New York (December 18, 2012, 4:03 PM EST) -- Ritz Camera & Image LLC asked a Delaware court on Thursday to convert its Chapter 11 bankruptcy protection to a Chapter 7 bankruptcy, which will effectively end the nation's largest specialty camera chain just five years shy of its centennial.

The Chapter 7 hearing is scheduled for Jan. 15, and, if approved, Ritz will be cleared to appoint a trustee to liquidate its remaining assets after spending the year struggling to find a path back to solvency.

Founded in 1918, the onetime billion-dollar company filed for...
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