Follow-up to Where Have All the Camera Stores Gone?

I previously posted a blog regarding Ritz Camera stores imprending auction.

Reuters reported on July 21st that the auction of remaining Ritz Camera stores lasted roughly 24 hours beginning on July 20th. In the end, David Ritz, CEO of Ritz Camera Centers, Inc along with financial backers collectively set up as RCI Acquisition LLC won with a bid of $33.1 million.

They are stating that they will keep at least 163 of the 375 stores still operating. Lease contracts and fees will no doubt determine which stores close. Business will continue as usual under the name Ritz Camera & Imaging, a name that employees were told to use when answering the phone, earlier in the year.

Law360 reports that creditors such as Canon USA filed an objection to Ritz Camera Centers, Inc asset sale to RCI Acquisition LLC.

Ritz Camera Centers, Inc filed for Chapter 11 bankruptcy in February of this year. In April, the company jet was grounded by court order as reported by Bloomberg and the Loundon Times.