Bankruptcy

Ritz Camera To Liquidate Boater's World And Sell 400 Camera Shops

By Scott Riddle

As mentioned in this post, Ritz Camera, owner of Wolf Camera, filed a Chapter 11 petition last month.  Ritz also owns Boater's World stores, with two locations in Georgia.  According to the article, Ritz will liquidate Boater's World Stores and close half of its 800 camera stores.  Apparently they have not yet decided which camera stores to close.

From the Washington Post -

Ritz Camera, trying to raise cash to cover its mounting debt, received approval in bankruptcy court yesterday to begin the process of liquidating the assets at all 130 shops operated by its Boater's World Marine Centers.

Moreover, attorneys for the Beltsville-based company, the nation's largest photography retailer, said they will file a motion on Friday seeking to sell off half of its 800 Ritz camera stores.

The privately held company filed for Chapter 11 bankruptcy protection last month to cover more than $54 million in debt to such creditors as Fuji Photo Film, Nikon, Canon USA and Wachovia Bank. A U.S. bankruptcy judge in Wilmington, Del., where the case was filed, approved bidding procedures for the sale of the Boater's World assets...

"We will liquidate the assets in the less profitable retail stores," Walker said. The company, he added, has not specified which 400 camera stores would be closed...

Full post as published by Georgia Bankruptcy Blog on March 11, 2009 (boomark / email).