Bankruptcy Court Approves Sales of Ritz Camera to Former CEO

Authored by Mark Hefflinger on July 24, 2009 - 7:30am.

Beltsville, Md. - A Delaware bankruptcy court on Thursday night approved the $33.1 million sale of camera and consumer electronics chain Ritz Camera to a group led by former CEO David Ritz, the Washington Business Journal reported.

The deal was expected to close at noon Friday.

The group, known as RCI Acquisition, was the high bidder in a bankruptcy auction that took place earlier this week.

Ritz, which previously operated nearly 900 locations under various names, now plans to continue operating at least 163 locations, and possibly as many as 375, according to a court filing.

The company was forced to file bankruptcy in February, listing between $100-$500 million of both assets and liabilities.

http://www.deb.uscourts.gov

http://www.ritzcamera.com