Ritz CEO Buys Chain

Ritz CEO Buys Chain

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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.

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