Ritz Camera CEO Submits Top Bid for Bankrupt Chain's Assets

Authored by Mark Hefflinger on July 22, 2009 - 8:30am.

Beltsville, Md. - Five months after filing for Chapter 11 bankruptcy protection, Ritz Camera may live on in some form following a bankruptcy auction on Tuesday.

RCI Acquisition, a group led by Ritz CEO David Ritz, bid about $33.1 million for the remaining assets of the camera and consumer electronics chain, with plans to continue operating at least 163 locations, and possibly as many as 375, according to a court filing.

A hearing on the matter is scheduled for Thursday in Delaware.

Maryland-based Ritz previously had operated nearly 900 locations under names such as Ritz Camera, Wolf Camera, Kits Cameras, Inkley's and The Camera Shops, but was forced to file bankruptcy in February, listing between $100-$500 million of both assets and liabilities.

Related Links:
http://www.deb.uscourts.gov

http://www.ritzcamera.com