Polaroid files for Chapter 11 – CNN.com

(CNN) — Polaroid Corp. announced it was filing for Chapter 11 bankruptcy protection.

The Minnesota-based company said it is taking itself and its subsidiaries into bankruptcy in order to restructure its finances.

“Our operations are strong and during this process Polaroid will ship products to our retail partners, work with our suppliers and contract manufacturers to fulfill retailer demand …” said Mary L. Jeffries, Polaroid chief executive officer.

“We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009,” she said, adding that employees should receive their paychecks without interruption.

The bankruptcy filing was necessary because of an investigation of its parent company, Petters Group Worldwide, which has owned Polaroid since 2005, the Polaroid statement said. The group’s founder and other employees are under investigation for fraud. Polaroid said the investigation does not involve its leadership team.

Polaroid files for Chapter 11 – CNN.com.

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