Ritz Camera sets bid procedures for Boater's World asset sale

By Caroline Salls

Pittsburgh, March 2 - Ritz Camera Centers, Inc. requested court approval of the bidding procedures for the proposed sale of its Boater's World assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The sale will include the assets at the company's 130 Boater's World stores and warehoused inventory.

The company said it will accept both asset sale and store-closing-sale bids.

Bids are due by noon ET on March 16.

All bids must include a 5% deposit toward the proposed purchase price. Ritz said it will select a baseline bid before the auction.

If it chooses to select a stalking horse bid, the company said it would pay that bidder a 1.5% break-up fee if it is not the high bidder at auction.

A hearing on approval of the bid procedures is scheduled for March 10.

Ritz, a Beltsville, Md.-based specialty camera and image chain, filed for bankruptcy on Feb. 22. Its Chapter 11 case number is 09-10617.

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