Report: Ritz Camera looking to sell assets

Ritz Camera said Wednesday it is unable to raise the cash it needs to operate through the summer, the Washington Post reported.

The company has been attempting to reorganize since it filed for Chapter 11 bankruptcy protection in February. It said in court documents yesterday that it now hopes to sell its assets.

The documents, filed in the U.S. Bankruptcy Court in Wilmington, Del., say the company has been negotiating with two potential bidders who would take over all of its 370 stores. The company asked to schedule an auction for July 20.