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Ritz Camera Centers of Beltsville, the nation's largest camera and photo-finishing retail chain, announced Wednesday it will auction off all 400 of its remaining stores by the end of July.

The company filed for Chapter 11 bankruptcy in February and has since closed about half of its 800 stores. According to court documents, the company has determined it cannot afford to purchase fall inventory or continue operating the remaining 400 stores.

Ritz spokesman Alex Goldman declined to comment.

The first Ritz Camera store opened in Atlantic City, N.J., in 1918 and the company peaked at more than 1,000 stores this decade.

At the time of its bankruptcy, Ritz Camera had about $54.5 million in bank debt. Its largest creditors included Nikon Corp. and Canon Inc., camera companies to which it owed $26.6 million and $13.7 million, respectively.

"I enjoyed shopping there," said Del. Barbara A. Frush (D-Dist. 21) of Beltsville. "I bought cameras from them. I have frames from them. I had pictures developed there."

Ritz Camera laid off 64 employees at its Beltsville headquarters in February and laid off 63 more in May.

"Each job that's lost in our community has an impact," Frush said. "It's very sad."

The company's next bankruptcy hearing is scheduled for today in U.S. Bankruptcy Court in Wilmington, Del.

Bids for its stores will be due Thursday, followed by an auction July 20 and a hearing to approve potential sales July 23.

Ritz reported sales of just under $1 billion for the year ended Nov. 30. The company reported between 10,000 and 25,000 creditors and from $100 million to $500 million in both liabilities and assets in its bankruptcy filing.