bigoutdoors
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 Posted: Mon Mar 23, 2009 6:05 pm Post subject: Boater's World going under |
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Boater's World going under
Stores to close as part of liquidation by Ritz
By Katy Stech (Contact)
The Post and Courier
Saturday, March 21, 2009
Just as the weather is warming up and the idea of venturing out onto the water gets more appealing, the owner of Boater's World is closing down the marine-supply chain.
Ritz Camera Centers, the largest U.S. camera store operator, will liquidate its 129 Boater's World stores as part of its bankruptcy reorganization.
The stores, including three in the Charleston area, sell parts, fishing supplies, clothing and watercraft accessories.
High fuel prices have hampered the boating industry in recent years, and discretionary spending has declined as consumers save during the economic uncertainty.
The Chicago-based National Marine Manufacturers Association estimates that new power-boat sales were down nationally more than 25 percent in 2008 compared with the previous year.
The three Charleston-area Boater's World stores are at 1863 Sam Rittenberg Blvd. in West Ashley, 616 Coleman Blvd. in Mount Pleasant and 142 Sportsman's Island Dr. on Daniel Island.
The chain has five other South Carolina locations.
The closings leaves Watsonville, Calif.-based West Marine as the only major retailer geared to boat owners in the Charleston area. Also, locally owned tackle shops and other specialty outdoor stores will be in a position to pick up new business.
By Friday afternoon, workers at the Mount Pleasant Boater's World had already hung flashy red-and-yellow sale signs.
Most items are marked between 10 percent and 30 percent off. Ritz told a Delaware bankruptcy judge Thursday that Beltsville, Md.-based Ritz could collect $40 million from liquidating Boater's World, according to reports.
The news of the closeout sale surprised John Quate of Mount Pleasant, who owns a small fishing boat. Though he said he's aware of the tough economic times, boaters still need to make repairs and perform routine maintenance.
"You still have to buy stuff for your boat," he said.
Manager John Dorton, who estimated that the Coleman Boulevard store will close in June, called Ritz's decision to liquidate the marine chain short-sighted because the boating industry eventually will recover.
It's the camera industry, Dorton said, that's in need of a major industry overhaul.
"The economy will bounce back eventually," he said. "People here live to fish and go out on the boat. ... If we didn't have to bail out Ritz with our jobs, we'd still be here."
Reach Katy Stech at 937-5549 or kstech@postandcourier.com |
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