I already reported the news that David Ritz bought Ritz Camera stores at bankruptcy auction. At the same time I received the first report on this topic and initially did not pay much attention to it. Then a NikonRumors reader wrote this comment on one of the posts:
“A friend of mine, who works at a local Wolf Camera, tells me that on the morning of July 20th his store-and every other store in the company!-was instructed to pack up and return ALL Nikon cameras and accessories (though, apparently binoculars and the like were excepted) via the fastest UPS overnight shipping option available- to Ritz’s Topeka, KA warehouse. NOT Nikon’s N.A. Warehouse. His store manager also mentioned that during the conference call (in which the Nikon recall was announce) their district manager implied that Nikon had stepped up and saved the company!”
Today I noticed a similar thread on the PentaxForum:
“Just spoke with a fellow Pentaxian that is a manager at a local Wolf/Ritz store here in Georgia and asked what was going on and wheres the bargains! His response”Ritz/Wolf Camera is now 1/2 owned by Nikon” he went on to say that “no bargains like last time, in fact we had to send all Nikon product back to headquarters for inventory then will ship back to stores….we have no Nikon in his store” as we spoke….”
I guess Nikon will have to disclose any investment in Ritz in their quarterly statements – until then, this remains a rumor.
Reminder: Nikon was among the largest unsecured creditors to Ritz camera with $26.6 million. Maybe they just got a part of the pie in exchange for the debt.