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Cameras

Ritz Camera Closing 300 Retail Stores, Liquidation Sales Start Saturday

As part of its newfound bankruptcy status, Ritz Camera's gearing up to close more than 300 of its around 700 brick-and-mortar stores across the US, or about 43 percent of its retail presence. Starting April 4th, the affect stores will begin liquidation sales that'll go on until -- in the words of the press release -- "everything is sold to the bare walls." Forget DSLRs, if you were needing any fancy, brick-and-mortal shelving units, now might be your chance! Hit up the read link for a PDF listing all the closing stores.

Audio/Video, Car Tech

Liberty Media Rescues Sirius XM from Bankruptcy


We guess those bailout talks with DirecTV weren't so futile after all, huh? The satcaster's parent company, Liberty Media, has just stepped in to rescue Sirius XM from the clutches of bankruptcy, providing a $530 million life raft that it will use to pay off looming debt payments and keep operations humming. Liberty will write a $280 million check immediately, of which $171 million will go straight to debtors. Another round of funding (to the tune of $250 million) will be available to Sirius XM in order to "help it pay its debts and ward off a potential takeover of Sirius by Charlie Ergen's DISH Network."

In return for this mighty appreciated favor, Liberty Media will own 12.5 million shares of preferred stock in Sirius XM, which it can convert into common stock should it so choose. Also of note, founder John Malone and Liberty Media CEO Greg Maffei are likely to join Sirius XM's board of directors. Is that a collective sign of relief we just heard, or what? [Via Denver Business Journal, thanks Michael]

Cameras

Polaroid Files for Chapter 11 Bankruptcy, Again


Polaroid may have defeated Kodak in the instant camera business, but it can't beat a sagging economy. Polaroid (or Polaroid Corp to be precise) just filed for Chapter 11 bankruptcy protection for the second time in 7 years. Of course, the new Polaroid Corporation is really just a holding company for the Polaroid name -- a brand that has been thoroughly diluted by its application to sub-standard TVs, vile portable DVD players, and gimmicky PoGo digital cameras. Polaroid says, "We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009." That a threat?

[Thanks JideOsan, image courtesy of Jerkwithacamera]

Computers

Circuit City Files for Bankruptcy



Even after shutting down 155 retail stores and announcing plans to cut around 17-percent of its 43,000 employees, Circuit City couldn't avoid the dreaded bankruptcy court. Today, the Virginia-based company (along with 17 affiliates) petitioned for Chapter 11 protection in Richmond as it attempts to survive under the crushing pressure from Best Buy / Wal-mart. Beyond that, details about the outfit's future are unclear, though Best Buy has reportedly stated that it "might take over stores that distressed rivals close." Please, no.

[Via Bloomberg, image courtesy of AFSmith; thanks Daniel]

Computers

Circuit City Considering Shutting 150 Stores to Avoid Bankruptcy

It's made it through some tough times in the past (the other DIVX, anyone?), but it looks like Circuit City is now really up against the wall, and it's apparently considering some rather drastic measures to avoid becoming the largest retailer to enter bankruptcy protection in recent years.

According to The Wall Street Journal, "people familiar with the company" say that Circuit City is contemplating closing at least 150 stores and making the associated high number of job cuts in order to get itself in a better position to shore up some much needed financing, which it has been unable to secure so far.

To put things in a bit of perspective, before it packed up and went home, Blockbuster offered to buy Circuit City in February of this year for $6 to $8 a share. The company's share value as of this writing? 40 cents.

[Via MarketWatch]

Sharper Image Files for Chapter 11

Sharper Image, a consumer electronics and gadget retailer, has filed for Chapter 11 bankruptcy and plans to close over 90 of its 184 stores nationwide. Founded in 1977 as a mail-order catalog, Sharper Image began building retail stores in the early '80s. Despite its late success with selling products like Ionic Breeze and the Razor Scooter, the company has had to face rapidly declining sales in the midst of a drop in consumer spending and the enormous growth of online retail. AOL Money reports that many of the retailer's problems began to surface when the "high-tech novelty items" lost their appeal.

Makes sense, considering much of the stuff that Sharper Image sells can be had for more reasonable prices at various Internet-only retailers with lower overhead.

If Sharper Image disappears completely, it looks like we'll be turning to SkyMall to order our Stretching Robotic Massage Recliner and Waterproof Action Camera.

From AOL Money & Finance

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