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

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Beltsville-based Ritz Camera says the lack of fundxs now forces it to auctio off its remaining locations by the end of Ritz CameraCenters says, in a courtr filing, that it is talkingf with two potential although neither has been willing to sign a The company is hopeful at least some of the remaining 400 photol stores will be sold to a going-concern buyer. The other 400 storesa already have been closedin going-out-of-business sales. Theree will be a hearing in U.S. Bankruptcyh Court in Delaware on Friday. Bids are due July 16, followec by a July 20 auction and a July 23 hearing for approval of the sale to one ormore buyers. Ritz Camera's debt includede $54.
5 million on a secured revolvinh credit agreementwith . The petitiomn says there is also $13.1 milliomn owed on subordinated debentures. Assets and debt are both less than $500 Ritz Camera also owned Boater’s World, a boating-and-fishinv supply retailer. The bankruptcy courft judge gave Ritz Camerwa permission on March 19 to hire Gordohn Brothers to shut downthe company's 130-storw Boater’s World chain. In 2001 Ritz acquirexd , which had sought bankruptcyu protection. Ritz began with a single store in Atlantic Cityin 1918. Its retail brandsd today includeWolf Camera, Kits Cameras, Inkley’s and .