BELTSVILLE, Md. — Ritz Camera Centers Inc. has court approval to liquidate the bankrupt company's Boater's World stores, according to a report from Bloomberg News.
Ritz should collect $40 million from going-out-of business sales at the 129 stores, company attorney Irving Walker said, noting that the sale was in the best interest of the company's creditors.
Bankruptcy court gave Ritz permission Thursday to hire a store liquidator to shut down the Boater's World chain, Bloomberg reports. Gordon Brothers Group LLC won an auction for the right to conduct the sales by guaranteeing Ritz would collect at least 90 percent of the value of goods sold.
Ritz also expects to close more than half of its 800 camera stores and reorganize the rest, according to Bloomberg.
