WASHINGTON, DC—Sept. 25, 2012—Mobile barcodes and direct mail will drive retail sales this holiday season, so marketers looking to boost revenue while saving money should consider the 2012 Holiday Mobile Shopping Promotion, now open for registration at...
Ritz Camera & Image, which calls itself the largest U.S. chain of specialty camera shops, filed for bankruptcy for the second time in three years after the founding family failed to turn around the 94-year-old retailer. Ritz listed debt and assets of at least $50 million each in Chapter 11 court papers in federal court in Wilmington, Delaware. The company, with sales of $254 million in the 12 months before April 30, said it wasn't making enough money to justify keeping open all its 265 stores.
Washington Business Journal Beltsville-based Ritz Camera & Image said it filed for Chapter 11 bankruptcy protection, the second time the photography retailer has taken such action, The Washington Post reported. The company is evaluating which of its 265 stores to close to create a more efficient national chain. See all your followed company news on your personalized dashboard. To access the full benefits of bizWatch and receive a weekly email with aggregated news on all the companies you are following, please provide your email address below. Sign Up Now You must have a bizjournals account to follow a company.
A Federal District Court in Washington, D.C. unsealed a case against retailers accused of transshipping Chinese-made pencils to avoid antidumping duties. The four named defendants are Staples, OfficeMax, Target and Industries for the Blind. The defendants are accused of transshipment of Chinese-made pencils through third countries such as Taiwan, Indonesia and Vietnam by U.S. importers. The importers would knowingly buy Chinese-made pencils in those countries and claim to U.S. Customs that they originated in those countries. If guilty, the defendants are subject to three times the loss of revenue to the government and a 10 percent duty for false country of origin marking.
Thousands of Americans have signed an online petition calling on retailer Forever 21 to remove an original design copied from the socially conscious New York label Feral Childe.
The U.S. Postal Service ended its second quarter (Jan 1 – March 31) with a net loss of $1.9 billion, as the economic recession and longer-term financial pressures, such as the diversion of letter mail to electronic alternatives, continued to reduce mail volume and revenue. Despite aggressive actions to reduce costs and grow revenue, the Postal Service will likely face a cash shortfall of over $1.5 billion at the end of the fiscal year.