Ritz Camera Fails to Find Buyer, Given OK to Liquidate
The Beltsville, MD-based company can now liquidate after filing for bankruptcy twice.
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Ritz Camera & Image LLC was granted permission to liquidate after the Beltsville-based company failed to find a buyer, according to court records and published reports.
Ritz filed for bankruptcy in June, according to federal court records obtained by Patch.
It is the second time in three years Ritz Camera has filed for bankruptcy, the court records show.
On Sept. 6, the company held an auction to sell the company or, as Bloomberg Businessweek reported, “sell the right to liquidate the chain through going-out-of-business sales.”
The auction was won by two liquidation companies, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, The Washington Business Journal reported.
The company’s origins date back to 1918. As of Monday, it was unclear when its remaining 137 stores would close or when liquidation sales would begin, The Washington Business Journal reported.
Michael B. Cron
10:01 am on Thursday, September 13, 2012
I am sorry to see this once great company take its last bow. I worked for this company for many years during their biggest growth period and had a really great time. Some of my associates worked there for over 35 years. I hope they can find work in this poor economy. I wish them well!