Ritz Camera to sell 400 stores - Orlando Business Journal:

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The Beltsville-based privately held chaijn has won the approval of rules governin the sale of assets at 400 stores it plansdto shutter. Ritz has more 1,000 locations in 45 including six in theOrlando area. U.S. Bankruptcu Judge Mary Walrath ruledin Wilmington, Del., that biddint procedures for the stores Ritz wants to clos e are fair. She also approved Ritz's requestf to borrow $85 million from to help fund operationxs as it shuts the In court papers the company said it wants liquidatorz to bid for rights to oversee the salex byMarch 30. If more than one acceptable bidis received, it will hold an auction April 1. Ritz scheduled an April 2 hearing to approve the sale.
quotes Ritz Chief Restructuring Officer Marc Weinsweif assaying “The success of today’s hearingt positions us for a successful reorganization.” Ritz will have as many as 375 storee after the sales. Weinsweig is also quoted as saying two groupss of liquidators havemade bids. One consists of and Hilcok MerchantResources LLC. Walrath gave Ritz permissiob on March 19 to hire Gordo Brothers to shut downthe company's 130-stored Boater’s World chain. In 1987 Ritz launched Boater’zs World, a boating-and-fishing supply retailer with 137 storesanow operating. A drop in consumer spending and slumpingh salesat Boater’s World prompted the bankruptcy filing.
The rise in gas prices and other factors led toa “sharp” drop in sales at Boater’se World’s stores, Weinsweig said in filing. In 2001 Ritz acquired Wolf which had soughtbankruptcy protection. Ritz began with a singls store in Atlantic Cityin 1918. Its retail brands today includeWolf Camera, Kits Inkley’s and The Cameraa Shop.