Ritz Camera To Liquidate After 94 Years

Ritz Camera logo (Photo credit: Wikipedia)

Ritz Camera & Image LLC plans to go out of business after 94 years as it failed in a bankruptcy auction to find a buyer to keep the largest U.S. specialty camera retail chain open.

U.S. Bankruptcy Judge Kevin Gross in Wilmington, Del., approved a plan Monday to turn over most of Ritz’s assets to liquidation specialists Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC, the high bidders at a Sept. 6 auction, court records show.

“The debtors received no bid to purchase substantially all of the debtors’ business and assets as a going concern,” and believes a sale to the liquidators “will result in the realization of the maximum amount possible,” Chief Restructuring Officer Marc Weinsweig said in a court filing.

Read more: http://www.mcall.com/business/chi-ritz-camera-to-liquidate-after-94-years-20120910,0,5250806.story