Bankrupt

It is reported here that Ritz Camera is filing for Chapter 11 bankruptcy protection.

For those who do not know, Ritz Camera is the largest camera reseller in the United States of America. They owe Canon and Nikon a total sum of USD$40m, broken down into USD$26m to Canon and the rest to Nikon.

The only conceivable reason that such a huge retailer will fall is that customers are moving towards buying their purchases online. The only reason that I would buy something from a reseller, is the value-added services that they provide. There is no way that they would be able to match Amazon in price.

Perhaps this is the only way to survive in such a cut-throat business world. You have to provide excellent service.

On another note, Annie Leibovitz, one of the most celebrated portrait photographers has put up the rights to all her photos as collateral in exchange for a 15.5 million dollar loan.

Woah....

I mean, Annie Leibovitz is one of the most successful photographers, possibly ranking along side people like Ansel Adams. For her to be facing such a financial catastrophe is unthinkable. She must be damn bloody cock-sure that she will pay off her debts though.

Interesting......