Bankrupt Ritz Camera finds a buyer
September 12, 2012 11:30 AM
An international distributor of digital cameras, C&A Marketing Inc., has purchased portions of Ritz Camera & Image LLC in a bankruptcy auction. The deal includes Ritz stores, technology and e-commerce operations, C&A says. The RitzPix.com online imaging and photo printing business, No. 519 in the Internet Retailer Second 500 Guide, was also part of the deal. Financial details were not disclosed.
The new owner says it plans to keep RitzPix.com open, along with five to seven stores across the country. RitzPix.com brought in $14.1 million in online sales in 2011, up 64% from $8.6 million in 2010.
Going forward, C&A says striking a proper balance between its e-commerce operations and bricks-and-mortar business will be crucial to its success. “This is particularly true in the imaging channel, as consultative sales and interaction are essential to the customer experience,” says Harry Klein, co-owner and chief financial officer of C&A Marketing. “The Ritz brand has long been synonymous with the type of service and customer-centric approach that is too often missing from the retail landscape. We plan to uphold that proud tradition, while updating the retail mix to reflect current market dynamics.”