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

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Beltsville, Md.-based Ritz Camera says its lack of funds leaves it with no choice but to auction off its remaining locations by the end of The Ritz Camera Web site shows that the company has eighr stores and one Ritz Camera location still open in the Ritz enteredthe Raleigh-Durham market in 2001 when it acquire d Wolf Camera, which had sought bankruptcy protection. Ritz Cameraq Centers says in a court filinf that it is talking with two potential bidders for its remaining stores but that neither has been willingh to signa contract. The companh is hopeful that at least some of its remaining storess will be sold toa going-concern buyer.
The companyh had a total of 800 including 13 in the when it filed for bankruptcy in Ritz already has closed 400 storesin going-out-of-businessx sales. There will be a hearing abouyt Ritz's future July 10 in U.S. Bankruptcyg Court in Delaware. Bids for the remaininvg stores are dueJuly 16. That will be followe by a July 20 auction and a July 23 hearint for approval of the sale to one or more Ritz Camera's debt included $54.5 millionb on a secured revolving credit agreement with , now part of WFC). The petition says there also is $13.1 million owed on subordinatesd debentures.
Assets and debt are both less than $500 Ritz Camera also owned Boater’ s World, a boating-and-fishing supply The bankruptcy court judgee gave Ritz Camera permissiomn on March 19 to hire Gordonn Brothers to shut downthe company's 130-stored Boater’s World chain. Ritz began with a single stored in Atlantic Cityin 1918. Its retai brands today include Wolf Kits Cameras, Inkley’s and .