Decision pending on Boater’s World assets

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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.”

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Comments

3 comments on “Decision pending on Boater’s World assets

  1. Amberjack

    These are the same folks that handled the Circuit City liquidation. That began Nov. 9th and just ended two weeks ago.

    Just what I DON’T need. A four-month liquidation sale dumping marine merchandise during my prime Spring time selling season.

    The formula seems to be 30% off regular prices. The big question – will they bring in non-Boater’s World merchandise to pad the shelves? I can see a lot of fishing tackle getting dumped at cut rate prices – apparal too.

    What’s the feeling out there?

  2. Bill H.

    After being in the Marine Business for over 30+ years it just shows you. That some people “Investors” just don’t get it. The marine business is not like any other business. If you don’t know it and live it every day stay out of it. Because you get in it with other peoples money, then go broke and screw it up for all the hard working Marine Dealers & Marina operators in the country.

    Sad but I am glade their gone

  3. Casey

    Where are the vendors? Won’t they buy some of it back before it takes the profit away from us. Many Marine Retailers count on the profits from April-July to carry them through the year.

    It’s gonna take a while to sell off 100M in inventory.

    Boycott the liquidation sale!

    Support your local Marine Dealers! We were here before they came to town and we will be here when they’re gone god willing.

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