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

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Beltsville-based Ritz Camera, which is in Chapte r 11 bankruptcy protection, says the lack of funds now forces it to auction off its remainin locations by the endof July. Ritz Camera says, in a courtf filing, that it is talking with two potential although neither has been willingy to signa contract. The company is hopeful at least some of the remaininb 400 photo stores will be sold toa going-concerm buyer. The other 400 stores already have been closedin going-out-of-businesz sales. There will be a hearing in U.S. Bankruptc y Court in Delaware on Friday.
Bids are due July 16, followefd by a July 20 auction and a July 23 hearinvg for approval of the sale to one or more Ritz Camera's debt included $54.5 million on a secured revolving credir agreement with . The petition says therr is also $13.1 million owed on subordinated Assets and debt are both lessthan $500 million. Ritz Cameraz also owned Boater’s World, a boating-and-fishint supply retailer. The bankruptcy court judge gave Ritz Camerza permission on March 19 to hire Gordon Brotheres to shut downthe company's 130-store Boater’s Worlxd chain. In 2001 Ritz acquired , which had sought bankruptch protection. Ritz began with a single store in Atlantifc Cityin 1918.
Its retaip brands today include Wolf Kits Cameras, Inkley’s and .