Ritz Camera Centers' photo store asset sale procedures approved

By Caroline Salls

Pittsburgh, March 26 - Ritz Camera Centers, Inc. received court approval of the bid procedures for the sale of the assets at the at least 400 photo stores the company plans to close, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it is seeking bids from parties interested in conducting store-closing sales.

Under the procedures, bids are due by 4 p.m. ET on March 30. All bids must include a 5% deposit.

After the bid deadline, the company will decide whether to conduct separate auctions for the sale of individual assets or one auction for the sale of all of the photo store assets.

In addition, if the company decides to select a stalking horse bid, that bidder will be paid a 1.5% break-up fee if it is not the high bidder at auction.

The auction will be held April 1, and the sale hearing is scheduled for April 2.

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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