I think the downturn only sped up the inevitable. Somewhere along the line Ritz lost focus. In my recent visits I couldn't find a feel or identity in the store, more like "here's the stuff", and "here's the price". Also, it became increasingly hard to find anyone who knew anything. I'm not really going to miss them if they fold, but I am sorry for anyone who loses their job.
On the bright side, the more this happens, the more room for good companies to survive.
That kind of attitude is guarranteed to kill a chain even in good times. When will retailers get it, bad customer service+ poor selection= poor sales and eventually trip to chapter 11 or CCRA if you are in Canada.
"Life moves pretty fast, if you don't stop and look around once and a while, you might just miss it."