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Mona Shield Payne/Special to the Sun
Boater’s World, 470 N. Stephanie Street in Henderson, owned by Ritz Camera Centers, is going out of business along with all locations nationwide within 90 days as part of its bankruptcy reorganization.
Published Saturday, March 21, 2009 | 3 p.m.
Updated Saturday, March 21, 2009 | 8:03 p.m.
Beyond the Sun
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 .
i am sure they probably blame obama for this too
Don't fret boaters, Obama the Magnificent will save us all
Remember, the greatest day is when you buy the boat, except for the day you sell it, which is an even greater day. Drugstores selling boats was a stretch in a good economy. I imagine those dealers along Lake Mead Pkwy in Henderson are hurting, too. Just like the fools will be who have been reported recently buying SUV's and RV's. The summertime gasoline blues are coming, but now they can blame Obama instead of the Decider. Good, because blame doesn't pay the bills, Rednecks.
I know Obama is going to take care of my mortgage, and make gasoline free, but will he buy me a boat. Maybe we could raise taxes on someone and get me a boat.
Dam it.
If they only wanted until Obama's $13 a week tax credit kicked it.
I am sure that millions would have purchased the boats instead of Happy Meals.
What a bunch of idiot postings.
I knew the nit wit neiman would make one of his usual ridiculous rants about Obama. Of couse he is still in denial that Bush and his cabal ruined the American econony among many other things. Why would neiman worry about his boat when his toy is a skateboard and his parents would have to buy the boat for him? They won't they know better.
Jfnance If Bush's tax rebates ( the wealthy got almost a million while working people got $300) did not help I would not worry about Obamas $17.Warren Buffet said he did not need nearly a million in tax rebates and it all seemed silly to him. But he did wonder why his secretary paid more in proportional taxes than he did. You unlike neiman are smarter than this. I think Obama has had a happy meal just as you have. But I guarnatee you the trust fund idiot Bush has never had a happy meal. The nanny did not have a drivers license thus he ate eggs benedict.
I went to a wine tasting the other day that was a benefit for the intellectually challenged. For some reason neiman1 crossed my mind.
Watch how fast stores like Boaters World will pop once we're on the road to recovery.
More anonymous politics here. Zzzzzzzzzz.
Neiman1
Do you really need or want a boat? Of course not, but it was another way to stick you foot in your mouth yet again and truly show your ignorance.
I'll say it over and over and over. You can teach an old dog new tricks but you can't teach a dumb dog nothin!!
this is what you call the second round.......
Now companies are going bust, staff lose jobs, locals lose jobs because of dependancy on these stores employing people, this in turn leads to more foreclosures, Obama pumps more money into the system which in turn devalues the dollar, this in turn reduces the credit rating of the USA this then reduces business with companies in the states then more companies close because of this and so on... the point it all stops is when people feel houseprices have dropped to an affordable level, this will never happen if the government keep pumping money into a zombie system, they need to let some parts fail and let nature take its course (so to speak)
Government meddling increases the chance of a more severe DEPRESSION and prolongs it...
of course homer simpson here blaming bush every chance he/she gets
At least with Bush, money was still worth more than the paper it was printed on. with the bailout our money is now worth the promises of the politicians; nothing more, nothing less. and the national debt was less than $4trillion.
which shows that the demos don't have any clue about what money is all about, how to save or recover the economy, nor how to protect any business from going belly up. all the demos know is how to blow... words, phrases, rhetoric, and follow the leader...
The comments here prove that the only person even more stupid than homer is neiman1.
As long as almost everything that is boguht in the US today is manufactured elsewhere (mainly China) then it will be impossible for us to ever recover and pay off our debt. Add in the estremely loose credit card practices and no one should be surprised that we are in this mess.
And why is it that only the Obama bail-outs are getting the blame for this mess - what about the bail-outs by Bush - hell - he's the one who started this mess.......
And don't get me wrong - I don't support or condone either of these bozo's.
Wake up and smell the cherry blossoms, Angry. Congress sold us out to cheap foreign goods starting in the mid-60's. We became a net-importer in 1973 and with the exception of 1974 have been so ever since, going deeper and deeper into a trade deficit.
As for TARP, it was a Democrat Congress that passed it. Bush could ask til he was blue in the face but if the Democrats had said no to writing the legislation he couldn't do squat. Only the Congress can initiate a bill, period. Blame Pelosi and Reid for that mess.
Angry, take it easy I think you blew a gasket.
Shortsighted people only see Bush as the culprit, Obama is spending circles around Bush.
AIG is a democraptic nightmare. At least we can look to Dodd and Frank for reason. LMAO.
a camera store owning a boating store.
i think that's all that needed to be said.
Politics have their own places to be aired and this isn't one of them.
I really am sad at hearing that Boaters World is going down for the count as I was a frequent buyer from them.
I have several Fishing teams that I sponsor and outfitted the members with the "Against The Elements" fishing shirts that BW sold.
They show the shirts as currently out of stock. I called their headquarters (I think in India) with no encouragement when they will be available.
I have scoured the Internet looking for this brand but it always comes back to Boaters World as the source.
My question is, does anyone know where I can buy these or comparable shirts retail or wholesale?
Thanks, Big Fish