Looks like Ritz/Wolf is finely biting the dust.
Might be some good deals to be had!
(Reuters) - Ritz Camera & Image LLC plans to go out of business after 94 years as it failed in a bankruptcy auction to find a buyer to keep the largest U.S. specialty camera retail chain open.
U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware on Monday approved a plan to turn over most of Ritz's assets to liquidation specialists Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC, the high bidders at a September 6 auction, court records show.
"The debtors received no bid to purchase substantially all of the debtors' business and assets as a going concern," and believes a sale to the liquidators "will result in the realization of the maximum amount possible," Chief Restructuring Officer Marc Weinsweig said in a court filing.
C&A Marketing Inc, an online retailer, acquired Ritz's websites and several of its biggest stores. Ridgefield Park, N.J.-based C&A said in a statement it plans to keep between five and seven stores open.
The rest of Ritz's 137 locations will close.