Ritz CEO Buys Chain
A group led by Ritz Camera CEO David Ritz was declared the winner of a bankruptcy auction for control of the company, Reuters reported Tuesday. Ritz' group, called RCI, won the auction with a bid of $33.1 million, beating out two rivals.
The winning group plans to keep the majority of its 375 stores open.
The losing bidders in the day-long auction were the team of liquidators Hilco and Gordon Brothers Group, as well as Ilex Retail Holdings LLC.