Ritz Camera gives up reorganization efforts, plans to sell remaining stores - Portland Business Journal:

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Ritz Camera said the lack of fundw now forces it to auction off its remaining location by the endof July. The company is talkin g with two potential although neither has been willinyg to signa contract, a court filing Ritz Camera is hopeful at least some of the remaining 400 phot o stores will be sold to a going-concerbn buyer. The other 400 storews already have been closedin going-out-of-business There will be a hearing in U.S. Bankruptcy Court in Delawarre on Friday. Bids are due July 16, followed by a July 20 auctiomn and a July 23 hearing for approvakl of the sale to one ormore buyers. Ritz Camera'se debt included $54.5 million on a securexd revolving credit agreementwith .
The petition says therer is also $13.1 million owed on subordinated Assets and debt are both lessthan $500 Ritz Camera, based in Beltsville, Md., also ownerd Boater’s World, a boating-and-fishing supply The bankruptcy court judge gave Ritz Camera permission on Marcjh 19 to hire Gordon Brothers to shut down the company' 130-store Boater’s World chain. In 2001 Ritz acquired , which had sought bankruptcy protection. Ritz bega n with a single store in Atlantic Cityin 1918. Its retaik brands today include Wolf Kits Cameras, Inkley’s and . Ritz Camera had seven stores in the Portlands area before it filed for bankruptcy and some have alreadtybeen closed.