Ritz Camera Centers last week won bankruptcy court approval to sell almost all of its assets to a group led by the chief executive, David Ritz, for $24 million, Bloomberg News reported.
The approval was granted over creditors’ objections. The buyer, RCI Acquisitions, has agreed to keep at least 163 of the 375 stores open.
Ritz was the largest United States camera-store chain when it entered bankruptcy.
