Ritz Camera, which filed for bankruptcy in February, has been purchased by CEO David Ritz. The company put its remaining assets up for auction two weeks ago, and Ritz submitted the highest bid for his firm. The winning bid was confirmed for Timely Demise by representatives within the company.
After the sale, the company will be renamed Ritz Camera & Image, and its core business strategy will stay focused on photographic services. Subbrands like Wolf and Kits will continue to operate. No word is available yet on how many locations will be open after the restructuring is complete.
Bankruptcy court is to review the purchase Friday morning.
Leave a comment