Did Calumet purchase Ritz/Wolf after bankruptcy?
I could not find any official news of Calumet-Ritz on the interwebs, but the googling revealed that Calumet purchased Penn Camera for $600,000 in early 2012, after Penn Camera filed for Chapter #11 bankruptcy. Details of Calumet-Penn at the Capital Business blog (of Washington Post). You can see some of the surviving Penn Camera stores in the Calumet store locator, along with a Calumet welcomes Penn Camera announcement.
Yesterday's Ritz/Wolf customer email said five of the Ritz/Wolf stores would remain open under new management. The five locations appear to be a good overlay over existing Calumet locations (for example, Riverside would cover areas not covered by their current Los Angeles and Santa Ana locations), and would give them a foothold in two growing and creatives-friendly cities (Portlandia, San Antonio).
UPDATE: Upon further googling, a forum member at the UglyHedgeHog forums mentioned in February 2012 that Calumet purchased Ritz stores in Maryland.