Cheese! Ritz Camera Acquired by CEO
Ritz Camera filed for bankruptcy in February, listing between $100 million and $500 million in assets and liabilities.
July 27, 2009
Ritz Camera, which filed for bankruptcy in Delaware, is being bought out of bankruptcy by its chief executive officer David Ritz. The new company will be named Ritz Camera & Image. The company said on Friday it received court approval for the sale.
Ritz Camera filed for bankruptcy in February, listing between $100 million and $500 million in assets and liabilities.
Ritz, a 91-year-old business that started out as a small studio on the boardwalk in Atlantic City, cited declining sales from its different retail stores as the reason for its bankruptcy filing.
The company sold cameras from 800 retail locations in more than 40 states, which operate under the names Ritz Camera, Wolf Camera, Kits Cameras and Inkley's.
Additionally, Ritz sold boating and fishing equipment from 130 stores named Boater's World Marine Centers.
According to its filing, Ritz generated close to $1 billion in annual sales through last November.
Cole, Schotz, Meisel Forman & Leonard served as counsel to Ritz. The case was overseen by Judge Mary Walrath.
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