Ritz Camera receives funding
Ritz Camera and Image received new funding that its president said will help the company grow.
The company, based in Washington, D.C., has 23 Atlanta stores -- as Wolf Camera -- and more than 50 employees in an Atlanta corporate office. It received a $25 million revolving credit line from Crystal Financial.
President Stephen M. LaMastra said the money will provide a level of liquidity and stability that the company had not had previously.
Access to the funds will mean the company can get the proper inventory in stores at the proper time of year, LaMastra said.
"We never felt in 2010 we were able to do what we wanted to do," he said. "2011 is the year for that."
Access to the funds will also give the company increased credibility, LaMastra said, and the potential for more growth. The company filed for bankruptcy in 2009 and was bought by RCI Holdings.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
