Morris Nichols Represents RCI Acquisition LLC in Successful Bid to Regain Control of Ritz Camera Centers
Wilmington, DE – July 25, 2009 – Morris Nichols Business Reorganization & Restructuring partner Derek Abbott successfully concluded a marathon 24-hour auction on behalf of RCI Acquisition LLC in its bid for the assets of Ritz Camera Centers, Inc., America’s largest specialty camera store chain. RCI’s winning bid was approved late Thursday by the U.S. Bankruptcy Court in Delaware and the transaction closed Friday.
RCI, owned by Ritz Camera’s former CEO David Ritz, among other investors, which will continue to operate a significant portion of the business, prevailed over rival bidders that were seeking, at least in part, to liquidate the company. RCI was also assisted by Scott Victor, Matt Karlson and Michael Goodman of SSG Capital Advisors, a special situations investment banking concern.