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http://www.reuters.com/article/marketsNews/idUSN2332434320090223

http://www.ritzinteractive.com/

Ritz Interactive is a network of e-commerce websites. Led by its flagship sites RitzCamera.com, WolfCamera.com and Boatersworld.com, Ritz Interactive represents a diverse group of properties in different stages of growth. Each site, branded and marketed individually, is dedicated to bringing unique product offerings to the e-tailing shopper. Ritz Interactive and Ritz Camera Centers are separate companies.

http://www.businessweek.com/ap/financialnews/D96HEULG0.htm

"Given the company's internal challenges, including unprofitable store leases and Boater's World losses coupled with the overall economic recession, the company had no choice but to seek relief under Chapter 11 ... to preserve the possibility of being able to restructure its business and financial affairs and continue as a going concern," Weinsweig wrote.
 

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Boater's World closing

Looks like more people are going to be looking for work...

http://www.lasvegassun.com/news/2009/mar/21/boaters-world-going-out-business
 

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Re: Boater's World closing

Looks like more people are going to be looking for work...

http://www.lasvegassun.com/news/2009/mar/21/boaters-world-going-out-business/

Page not found on their website.






It is a sad day in my book! I HATE west marine!!! I always prefer Boaters World and the people are never as snotty as the ones in WM! Besides the prices are most always better at BW [smiley=1-tears2.gif]
 

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By Steve Green, Las Vegas Sun

Published Sat, Mar 21, 2009 (3 p.m.)

Updated Sat, Mar 21, 2009 (8:03 p.m.)
Boater's World closing
Beyond the Sun

* Boater's World

A retailer in Henderson is among the latest casualties of the U.S. recession.

A going-out-of business sale is under way at the Boater's World store at 470 N. Stephanie Street, south of Sunset Road.

A bankruptcy court judge in Delaware this week approved a plan for Boater's World to close its 129 stores around the country, including its lone Nevada store in Henderson.

The store in Henderson employs seven people, store manager Will Copple said Saturday. He said employees should know within a few weeks what day the store will close for good.

Boater's World is owned by Ritz Camera Centers Inc. Bloomberg News reported that a company attorney told the bankruptcy court that Ritz should collect $40 million from the going-out-of business sales at the 129 stores in 27 states.

A joint venture of Hilco Merchant Resources and Gordon Brothers Group is managing the liquidation. Those companies said items for sale include electronics, anchors, fishing rods, rain suits and athletic shoes; as well as store fixtures and equipment.

Beltsville, Md.-based Ritz filed for bankruptcy protection in February. It reported having about 800 camera and photo processing stores under the brand names Ritz Camera, Wolf Camera, Kits Cameras, Inkley's and The Camera Shops.

The photography business has been hurt hard by the switch from film to digital cameras, as well as the recession, Ritz said.

Ritz said that in order to diversify its business, it decided in the late 1980s to open the Boater's World chain.

"The Boater's World business proved to be a positive contributor to the company's profitability for a number of years, and generated positive cash flow through 2007. In the spring of 2008, however, the price of oil skyrocketed, leading to a sharp rise in the price of gas, and that in turn, with other macroeconomic factors, led to a sharp drop in the sales and profitability of the Boater's World business,'' Ritz said in its bankruptcy filing.

This is the second national outdoors-related retailer in Henderson that is closing because of the recession.

On March 10, Sportsman's Warehouse Holdings of Midvale, Utah, announced plans to close 23 stores around the country in order to reduce debt. Both stores in the Las Vegas area were on the closure list. They are at 5647 Centennial Center Parkway in northwest Las Vegas and at 390 W. Lake Mead Parkway in Henderson .
 

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Not to sound rough, but it's the nature of the beast. Tallahassee has an almost new BW, and I went in to find a few things. Although the employees were really nice, they were out of a lot of stuff, didn't carry many things relevant to what I was looking for for my smaller boats, and from what I saw were very overpriced. To say the least I was thoroughly disappointed. I was hoping they'd be better than West Marine, but other than the sales people being a little more laid back maybe, not much different.
 

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In a time where you can order on line and get free shipping
it's getting harder and harder for storefronts to compete.
 

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In a time where you can order on line and get free shipping
it's getting harder and harder for storefronts to compete.
Unfotunately I second that point of view. Brick-and-mortar places have incredible overhead compared to an online store. BAM stores need to provide some type of a service (that can't be had online) in order to get/keep customers, rather than just rely on selling product.

If they are just straight selling product, today's economy almost forces the consumer to shop smart, and that includes online shopping.

On a positive note, the stores that are folding up leaves a good shopping opportunity as they are discounting stuff very deep.

-T
 

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At the risk of stating the obvious, Boaters World has an online operation too. :)

IMO the failing is probably a combination of things within their business practices and operations, with the brick & mortar aspect making it more difficult to keep costs down when sales are soft, like now.  :eek:

West Marine has made the storefront+online model work, but who knows they may be taking a dive before long too. Either way it's true that online sales have changed retail business forever...
 

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I think West Marine will make it, at least the stores near lots of boating activity. It's difficult to do, but I think their online/retail store model is very good. There are still a lot of people who can't wait or don't want to wait for stuff they need when they are ready to go out for the day. Boaters World tried to cater too much to the mid to upper crust boaters because that's where the biggest profit was. In good times, this worked. West Marine has slightly higher prices, but carries a lot more stuff for the lower end boaters. Like me. I would always go there first. And I really avoid the big box stores unless I need something that I would basically just deem "disposable". My 2 cents.

Kemo :cool:
 
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