Polaroid files for Chapter 11 bankruptcy protection

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The Polaroid Corporation has filed for Chapter 11 bankruptcy protection for the second time in just 7 years in order to restructure its finances after an its parent company, Petters Group Worldwide, is currently under investigation after its founder and other employees are alleged to committed fraud. The investigation does not involve the leadership team at Polaroid, according to its statement.

“We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009,” Mary L. Jeffries, the CEO over at Polaroid told CNN, adding that employees at the company should receive their paycheques with no interruptions.

Image from BrightestYoungThings

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