Ritz Camera Chief Executive Officer David Ritz and his associates at RCI Acquisition LLC bought his bankrupt company during an auction this week with a bid of $33.1 million. The CEO plans to bring the Ritz firm back to life after closing half its stores this past spring, pending court approval of the deal later this week.
The 91-year-old company will continue to increase its digital and online presence, spokesman Alex Goldman told The Examiner, but is not sure how many of its stores will remain open.
“As far as store count goes, we may keep all of our stores open,” Goldman said. “It depends on talks with landlords.”
Ritz, who joined the company in 1969, said he planned to continue to emphasize the company’s specialty photo services and high quality.
In a news release, Ritz said he was grateful to investors who “worked very hard these last few months to position the business to return us to profitability.”
In March, the company announced it would close half of its stores after filing for bankruptcy protection a month earlier.
