Ritz seeks approval for sale of Boater's World

[LuckyLady]

Decision pending on Boater’s World assets
March, 19 2009, 11:04 AM
Ritz Camera Centers has selected a proposed bid for the sale of its Boater’s World retail stores.

During a court-approved auction Tuesday, the preferred bid was submitted by a joint venture formed by Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC.

As part of the proposed agreement, Ritz Camera Centers, Gordon Brothers and Hilco plan to conduct store-closing sales for the Boater’s World assets. This consists of 129 retail store locations and one catalog showroom.

Under the terms of the Baseline Bid Agreement, which is the starting point for a bankruptcy auction, prospective bidders agree to pay the debtor at least 30.1 percent of the aggregate retail value of the merchandise included in the sale. In exchange, the debtor will pay a breakup fee of $495,000. The successful bidder, Gordon Brothers and Hilco, agreed to pay Boater's World 38 percent of the retail value of the merchandise included in the sale.

All of this is subject to court approval. A hearing on the bid is scheduled for this afternoon in U.S. Bankruptcy Court for the District of Delaware.

Ritz Camera Centers, the parent company of Boater’s World, filed for bankruptcy protection last month. In court filings, Ritz says selling the business and/or assets of its Boater’s World Marine Centers is necessary to maintain Ritz’s “long-term viability and successful reorganization.”

[donald/tri-again]

last night for employee discounts.....liquidation starts tomorrow 10 to 30 %off

[burricane]

i wonder if they have any sperrys in my size left (i'm a 12)?

[LuckyLady]

Sale of Boater’s World assets approved
March, 24 2009, 09:24 AM
A bankruptcy court judge in Delaware approved the sale of the assets of Boater’s World, in an order dated March 20.

On March 15, Ritz Camera Centers, the parent company of Boater’s World, entered into a “stalking horse” contract with a joint venture comprising Great American Group WF, Hudson Capital Partners, SB Capital Group and Tiger Capital Group, according to court documents.

Under the terms of the baseline bid agreement, the bidder was to agree to pay the debtor a “guaranty percentage” of 30.1 percent of the aggregate retail value of the merchandise included in the sale. In exchange, the debtor agreed to pay a break-up fee of $495,000, according to court records.

The debtor conducted an auction March 17 for the assets and “after spirited bidding, spanning several hours,” a joint venture comprising Hilco Merchant Resources and Gordon Brothers Retail Partners was the successful bidder.

The successful bidder agreed to pay for the Boater’s World assets a guaranteed amount equal to 38 percent of the retail value of the merchandise included in the sale.

Ritz Camera Centers filed for bankruptcy protection last month. In court filings, Ritz says selling the business and/or assets of its Boater’s World Marine Centers is necessary to maintain Ritz’s “long-term viability and successful reorganization.”