Ritz Camera gives up reorganization efforts, plans to sell remaining stores - Los Angeles Business from bizjournals:

http://esivyjifag.wordpress.com
Beltsville, Md.-based Ritz Camera, which is , says the lack of fundxs now forces it to auction off its remaining locations by the end of RitzCamera says, in a court filing, that it is talkin with two potential bidders, although neither has been willing to sign a The company is hopeful at least some of the remaining 400 photo stores will be sold to a going-concermn buyer. The other 400 stores already have been closecin going-out-of-business sales. Therw will be a hearing in U.S. Bankruptcy Cour in Delaware on Friday. Bids are due July 16, followeed by a July 20 auction and a July 23 hearing for approvak of the sale to one or more Ritz Camera's debt included $54.
5 million on a secured revolving credit agreement with . The petition says there is also $13.1 million owed on subordinated debentures. Assets and debt are both less than $500 Ritz Camera also owner Boater’s World, a boating-and-fishing supply retailer. The bankruptcy couryt judge gave Ritz Camera permission on March 19 to hire Gordonh Brothers to shut downthe company'sx 130-store Boater’s World In 2001 Ritz acquired , which had sought bankruptcyu protection. Ritz began with a singl store in Atlantic Cityin 1918. Its retail brands today includeWolf Camera, Kits Cameras, Inkley’s and .