Ritz Camera To Liquidate After 94 Years

Ritz Camera logo (Photo credit: Wikipedia)

Ritz Camera & Image LLC plans to go out of business after 94 years as it failed in a bankruptcy auction to find a buyer to keep the largest U.S. specialty camera retail chain open.

U.S. Bankruptcy Judge Kevin Gross in Wilmington, Del., approved a plan Monday to turn over most of Ritz’s assets to liquidation specialists Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC, the high bidders at a Sept. 6 auction, court records show.

“The debtors received no bid to purchase substantially all of the debtors’ business and assets as a going concern,” and believes a sale to the liquidators “will result in the realization of the maximum amount possible,” Chief Restructuring Officer Marc Weinsweig said in a court filing.

Read more: http://www.mcall.com/business/chi-ritz-camera-to-liquidate-after-94-years-20120910,0,5250806.story

Kraft Foods Announces 1,600 Job Cuts

Kraft Foods plans to cut 1,600 positions from its North American division this year as it prepares to split into two companies, but no Lehigh Valley jobs will be lost, the packaged foods giant announced Tuesday.

Kraft said the cuts will not hit production facilities. The company has a 1-million-square-foot plant in Upper Macungie where it makes Grey Poupon mustard, A-1 Steak Sauce, T-Discs for the Tassimo hot beverage maker, natural cheese products.

The Northfield, Illinois company also has a distribution center in Bethlehem Township.

The company said no Lehigh Valley jobs are targeted in this round of cost-cutting. However, all facilities will be reviewed once the split is complete, it said.

Read more: http://www.mcall.com/business/mc-allentown-kraft-cuts-20120117,0,1257961.story