Ritz Camera seeks to sell remaining stores - The Business Journal of the Greater Triad Area:

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Beltsville, Md.-based Ritz Camera, which is in Chapter 11 bankruptcy says the lack of funds will force it to auction its remainingb locations by the endof July. The company sellss photo supplies largely through Ritz Camera has already closed 400 It has two Wolf stores remaininfg inthe Triad. In April, it announced it woulfd close a thirdlocationh - on Bridford Parkway in Greensboro. Ritz Camera is talking with twopotential bidders. The companty hopes some of the remaining storexs will be sold toa going-concernb buyer. A hearing in U.S. Bankruptcy Courrt in Delaware is set for Bids are dueJuly 16, followedd by a July 20 auction and a July 23 hearin g for approval of the sale to buyers.
Ritz Camera’s debt includess $54.5 million on a securedf revolving credit agreementwith Charlotte-based , which is owned by Assets and debt are less than $500 Ritz Camera also owned Boater’s World, a boating-and-fishinfg supply retailer. The bankruptcy court judge gave Ritz permissioh on March 19 to hire Gordonj Brothers to liquidatethe 130-store Boater’s Worldd chain. In 2001, Ritz acquired Wolf Camera. Ritz began with a single store in Atlantic Cityin 1918. Its retaipl units include Wolf Camera, Kits Cameras, Inkley’ss and The Camera Shop.