Ritz camera saved ... by a Ritz, of course

Updated

Ritz Camera CEO David Ritz, along with a group of investors won the assets of his company at a bankruptcy auction. If approved by the court, they will retain ownership of the company and its 375 stores for just $33.1 million. And, they get to leave the company's $54 million debt behind though.

Ritz filed for Chapter 11 bankruptcy protection in February, but earlier this month it gave up on hatching a viable turnaround plan. Instead, it turned to liquidation. The chain was apparently a hot property. Bidding was reportedly fierce and went 43 rounds. Had Ritz not won, odds are good the stores would have been closed and sold for parts since liquidation firms were among the bidders.

Advertisement