Ritz Camera's Boater's World assets sold to Hilco/Gordon Brothers for liquidation

By Jennifer Lanning Drey

Portland, Ore., March 20 - Ritz Camera Centers, Inc. obtained court approval to sell the assets at its 130 Boater's World stores plus warehoused inventory, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

A joint venture between Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners LLC was selected as the successful bidder after several hours of spirited bidding, according to the filing.

The Hilco/Gordon Brothers joint venture will conduct store-closing sales at the Boater's World stores and has agreed to pay a guaranteed amount equal to 38% of the retail value of the merchandise included in the sale.

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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