News, The Daily Feed

More Ritz closings possible, some changes certain

Photo courtesy of
courtesy of ‘Seven_Null7’

Even after the closings and liquidations earlier in the year, Ritz Camera has been unsuccessful in working out their bankruptcy reorganization. Like a lot of companies this last year, Ritz has been unable to secure needed funding. Many news outlets reported their intention to petition the court for permission to have an auction for the company a week from today. I’ve checked the Delaware filings and they did indeed get permission to proceed with an auction. The auction will happen at the office of their bankruptcy lawyers in New York and the results will be presented to the bankruptcy court on the 23rd.

It seems unlikely they won’t work something out, but if they can’t arrange a sale they’ll endeavor to start liquidation by the 24th. It’s an aggressive schedule because Ritz would like to pull the plug and get out of their leases as quickly as possible. Some of their landlords were taking issue with the speed Ritz is trying to get this done, but since the court ruled to allow the auction it seems that they were overruled.

Unless one of the two supposed prospective buyers purchases all their assets, including the name, it looks like we’ll see the remaining DC-area Ritz stores either rebrand or shut their doors entirely.