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Re: [OM] Ritz going under

Subject: Re: [OM] Ritz going under
From: John Hudson <OM4T@xxxxxxxxxxx>
Date: Mon, 23 Feb 2009 21:45:16 -0400
It's only a camera store ....................... it could have been the 
hotel and that would have been serious :-)

jh

----- Original Message ----- 
From: "Moose" <olymoose@xxxxxxxxx>
To: "Olympus Camera Discussion" <olympus@xxxxxxxxxxxxxxxxx>
Sent: Monday, February 23, 2009 9:35 PM
Subject: Re: [OM] Ritz going under


> Ken Norton wrote:
>> ... I'd say that $40 million USD is probably "getting off cheap" for 
>> Nikon and Canon with Ritz.  It'll hurt, but I'm sure that six months ago 
>> they knew that they were going to go default with one or more major 
>> stores and chose
>> to make $400 million USD to lose $40 million.
>>
>
> I just read the articel. The filing is Chapter 11, reorganization. I
> suspect they are hoping to dump their boat store business, get out of a
> fair number of leases to consolidate some photofinishing business
> locations, get various creditors to take some losses, then keep on going.
>
> Reading between the lines, the photofinishing business has declined in
> profitability, and can't carry the other parts that are bleeding, but is
> still profitable on its own. Look for a majority of the retail and
> photofinishing locations to stay open while the mess behind them gets
> cleaned up a bit, then continue on. At least for a while.
>
> Fuji is in much deeper than C&N, with a $175 investment in stock and $8
> million unsecured. Cute typo says they owe another $18 Billion to
> various creditors.
>
> Moose
> -- 
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