TORONTO—Consignors who came to Ritchies Auctioneers Tuesday, hoping to collect unsold items and money owed to them, left empty-handed and were greeted with a sign saying the company is on summer holiday until Aug. 17.

Ritchies unexpectedly closed its doors last week following a series of bad-news events. Two weeks ago, it laid off its entire staff of 25, following the announcement that its president and chief operating officer, Stephen Ranger, had resigned, citing differences with management. And last month, Sotheby's ended its relationship with Ritchies over what it said were the Toronto firm's late payments. For nearly eight years, the firms had partnered to hold two joint auctions each year. Meanwhile, the precise person or persons responsible for the layoffs remains something of a mystery. Both Ranger and Ira Hopmeyer, the company's chairman, CEO, and sole shareholder, are denying they had any involvement in the firings.

Read more at the Globe and Mail.