Sorry deal hunters, the liquidation sales starting today at over 300 Ritz Camera locations will be managed by the same cabal of corporate scavengers that oversaw Circuit City’s abysmal liquidation sales.
The liquidation will be managed by the Great American Group, SB Capital Group, Tiger Capital Group and Hudson Capital Partners. Where did we last see the Great American Group? Right, they were telling a couple who spent $1,100 on a box of shattered glass passing for a television that they couldn’t have a refund because posted signs warned that all sales were final. Are these the people you want selling you a camera?
Scott Carpenter, executive vice president for Great American of Woodland Hills, said the discounts would begin at 10% to 20% off, depending on the category of merchandise.
“Then we will progress to 20% off, 30% off all the way to 90% off. We think it will take about seven to nine weeks,” Carpenter said. The group said that about $50 million in merchandise would be liquidated.
Here’s what really happens: the liquidators reset all prices to MSRP, which is considerably higher than most sale prices, and then apply discounts to the higher price point. Even with 30% discounts, you can still find better prices online or at other local retailers, ones who issue refunds and are subject to state consumer protection laws.
Keep in mind that Ritz is only closing 300 of their 700 stores, so don’t mistake every “Sale!” sign hanging from a Ritz window as a beacon for trouble. A full list of store closings is available here (pdf).
Send your first hand accounts of Ritz’s liquidation sales to email@example.com and/or upload your photos to our flickr group.
Ritz Camera Closing 300 Stores [TWICE]
Customers lament the negatives of Ritz Camera store shutterings [The Los Angeles Times]
RELATED: Circuit City Liquidation: If You Buy A Shattered TV, You Are Out Of Luck