Ritz Camera Centers announced Monday that it has filed for Chapter 11 bankruptcy. According to Reuters, the decision was brought on by both the recession and the move by consumers towards digital photography.
Ritz, which filed in U.S. Bankruptcy Court in Delaware, will seek to continue operating during the process.
The company's retail brands include Ritz Camera, Kits Cameras, Wolf Camera, and the Camera Shop. Nikon and Canon are its leading creditors.