Exhibit 10.87

Mr. Ira B. Lampert
219 Ocean Boulevard
Golden Beach, FL 33160

      Re:   Post-July 1, 2009 Employment Relationship
            Between Ira B. Lampert and Concord Camera Corp. ("Concord")

Dear Ira:

      This letter will confirm the terms of your  employment  relationship  with
Concord from and after July 1, 2009.

      Background.  Pursuant to your  Amended and Restated  Employment  Agreement
with Concord,  dated as of May 1, 1997, as amended (as amended,  the "Employment
Agreement"),  your term of  employment  with Concord  will  terminate on July 1,
2009.  Effective April 23, 2009,  Concord was formally dissolved and, under your
supervision,  is currently  engaged in the process of winding down its business,
satisfying and discharging its  liabilities,  and collecting and liquidating its
assets  (collectively,  the "Liquidation  Process").  The Liquidation Process is
expected to continue beyond July 1, 2009 and will require continued  supervision
by persons knowledgeable regarding Concord's operations, assets and liabilities.

      Post-Termination  Employment:  Nature. Concord has requested, and you have
agreed,  to  continue  as Chairman  of the Board,  Chief  Executive  Officer and
President  of  Concord,  and to assume the  additional  office of  Treasurer  of
Concord, from and after July 1, 2009 and, in these capacities,  to supervise and
manage the Liquidation Process. It is understood and agreed that, in discharging
these  responsibilities,  you will devote such time, attention and energy as you
deem  necessary and  appropriate.  It is understood  and agreed that because you
will not  receive  any salary or other  compensation  for your  post-termination
employment  under this  letter  agreement,  you are,  therefore,  free to be and
become involved in other business activities and transactions.

      Post-Termination  Employment:  Term.  The  term of  your  post-termination
employment with Concord  pursuant to this letter agreement will be one (1) year,
expiring  on June 30,  2010,  unless  extended  or renewed by written  agreement
between you and Concord on such terms as are then mutually  agreeable to each of
you.

      Post-Termination  Employment:  Compensation.  It is understood  and agreed
that  you  will  not  receive  any  salary  or  other   compensation   for  your
post-termination employment under this letter agreement, except that you are and
will be authorized to incur reasonable business


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Mr. Ira B. Lampert
May 15, 2009
Page 2

expenses in  carrying  out your  duties and  responsibilities  under this letter
agreement and Concord will promptly reimburse you for any and all such expenses,
subject to  documentation  in accordance with Concord's  expense policy and past
practices.

      Post-Termination  Employment:  Indemnification.  In  consideration of your
agreement to remain in the employ of Concord  after July 1, 2009, as provided in
this letter agreement, Concord agrees as follows:

            A. If you are made a party, or are threatened to be made a party, to
any action,  suit or proceeding,  whether  civil,  criminal,  administrative  or
investigative  (a  "Proceeding"),  by  reason of the fact that you are or were a
director,  officer or employee of Concord, or are or were serving at the request
of  Concord  as a  director,  officer,  member,  employee  or agent  of  another
corporation, partnership, joint venture, trust (including, without limitation, a
liquidating  trust) or other  enterprise,  including  service  with  respect  to
employee  benefit  plans,  whether or not the basis of such  Proceeding  is your
alleged  action in an official  capacity  while serving as a director,  officer,
member,  employee or agent, Concord shall indemnify you and hold you harmless to
the  fullest  extent  permitted  or  authorized  by  Concord's   certificate  of
incorporation or bylaws or, if greater,  by the laws of the State of New Jersey,
from and against any and all costs, expenses, liabilities and losses (including,
without  limitation,  attorney's fees,  judgments,  fines, ERISA excise taxes or
penalties and amounts paid or to be paid in settlement)  reasonably  incurred or
suffered by you in connection therewith, and such indemnification shall continue
as to you even if you have ceased to be a director,  officer,  employee or agent
of  Concord  or other  entity  and shall  inure to the  benefit  of your  heirs,
executors and  administrators.  Concord shall also advance to you, to the extent
permitted  by  law,  all  reasonable  costs  and  expenses  incurred  by  you in
connection  with a  Proceeding  within  twenty  (20) days  after the  receipt by
Concord of a written request, with appropriate documentation,  for such advance.
Any such request shall include an undertaking by you to repay the amount of such
advance if it shall  ultimately  be  determined  that you are not entitled to be
indemnified against such costs and expenses.

            B. Neither the failure of Concord (including its Board of Directors,
independent legal counsel or shareholders) to have made a determination prior to
the commencement of any Proceeding  concerning payment of amounts claimed by you
under paragraph A above that  indemnification  of you is proper because you have
met  the  applicable  standard  of  conduct,  nor  a  determination  by  Concord
(including its Board of Directors,  independent  legal counsel or  shareholders)
that you have not met such  applicable  standard  of conduct,  shall  create any
presumption that you have not met the applicable standard of conduct.

            C. Concord will  continue  and maintain a directors'  and  officers'
liability insurance policy covering you to the extent that Concord provides such
coverage for its other directors and executive officers.


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Mr. Ira B. Lampert
May 15, 2009
Page 3

            D.  Promptly  after  receipt  by you of  notice  of any claim or the
commencement  of any  Proceeding  with  respect  to which  you are  entitled  to
indemnity  under this letter  agreement,  you shall notify Concord in writing of
such claim or the commencement of such Proceeding,  and Concord shall (i) assume
the defense of such Proceeding,  and (ii) employ counsel reasonably satisfactory
to you and pay the reasonable fees and expenses of such counsel. Notwithstanding
the foregoing, you shall be entitled to employ counsel separate from counsel for
Concord and from any other party in such Proceeding if you reasonably  determine
that a conflict of interest exists which makes  representation by counsel chosen
by Concord not advisable.  In such event, the reasonable fees and  disbursements
of your  separate  counsel  shall be paid by Concord to the extent  permitted by
law.

      Effect on  Employment  Agreement.  Nothing  in this  letter  agreement  is
intended  to  amend,  modify or  otherwise  affect  the  respective  rights  and
obligations of you and Concord under your Employment Agreement,  which Agreement
is and will  remain in full  force  and  effect in  accordance  with its  terms.
Without  limiting  the  generality  of the  foregoing,  nothing  in this  letter
agreement  is  intended  to,  or  will,  affect  the   post-termination   salary
continuation  payments and other benefits,  and the  indemnification  rights, to
which you are entitled under your Employment Agreement.

      If you are in agreement  with the  foregoing,  please sign and date in the
spaces below, and return to me, the duplicate copy of this letter which has been
provided to you for this purpose.

                                          Very truly yours,

                                          CONCORD CAMERA CORP.

                                          By: __________________________________
                                              Scott L. Lampert
                                              Vice President and General Counsel

AGREED TO AND ACCEPTED:

______________________________
Ira B. Lampert
Dated: May 15, 2009