Officials at Inkley's, a Salt Lake-based retail photography and electronics company that has been in business since 1947, have signed a letter of intent to be purchased by Ritz Camera Co., Beltsville, Md., the largest photo retailer in the United States with 600 stores.
Lowell Inkley, executive vice president, said although no contract has been signed, the company will sell all of its stock to Ritz. He said the 21 Inkley's stores in Utah, Wyoming, Idaho and Nevada will retain the Inkley's name and continue to be operated as a subsidiary.No more than eight of the 265 employees will lose their jobs as a result of the acquisition, Inkley said, as the accounting and advertising functions are transferred to Beltsville. Most of the buying will be done from Beltsville, but the electronics and audio-visual items will continue to be purchased out of Salt Lake City.
Inkley's was founded by Ronald W. Inkley, who now is 66 years old and has been president and chairman of the board. He will remain with Ritz half-time working on special projects. Lowell Inkley also will remain with the company.
Lowell Inkley said it is a wonderful opportunity for the company's employees because of Ritz' expansion plans, something that Inkley's couldn't offer them.