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Jessica Mador
St. Paul, Minn.

Polaroid files for Chapter 11

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Minnetonka-based Polaroid Corporation announced Thursday it has filed for Chapter 11 bankruptcy. The move was aimed at facilitating the company's ongoing financial restructuring.

A spokeswoman for the company says the restructuring and the bankruptcy filing are the result of events at Petters Group Worldwide.

Tom Petters, founder of Petters Group, which owns Polaroid, pleaded not guilty to federal charges he committed investment fraud, conspiracy and money laundering in what prosecutors have described as a massive Ponzi scheme.

Polaroid spokeswoman Lorrie Parent said the alleged fraud has compromised the financial condition of Polaroid, but customers and employees will not be directly affected.

"The company has filed for voluntary petition for Chapter 11 and we anticipate that throughout this restructuring process the filing will not impact day to day operations for employees customers retailers and suppliers," she said.

Polaroid is not a subject of the ongoing investigation involving Petters Group.

Parent said the alleged fraud has compromised the financial condition of Polaroid, but the company will continue to operate, and has adequate funds for restructuring.

"Our operations will continue to function as normal throughout this process and we anticipate that we will be continuing to ship product sell to retailers make payroll for employees and really service the consumers who own our product our service centers will continue to function without interruption," she said.