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Friday, December 19, 2008

Polaroid Files for Chapter 11

B. Thomas Cooper - Editor

Take a picture, it lasts longer!

With the Christmas holidays less than a week away, Minnesota based Polaroid Corp. has announced the iconic brand will soon be filing Chapter 11 under the nations bankruptcy protection laws.

The company also recently announced it intends to stop making film for it’s once popular Instamatic cameras at the end of this year.

Polaroid Land Camera
Polaroid Land Camera

With the advent of digital technology, Instamatic cameras have become all but obsolete. Over the decades, the sensational little cameras have attracted legions of fans. As word reached consumers, stores who normally stock the film experienced unusually high demand, as anxious consumers anticipated an end to an era, buying up all available product, leaving store shelves empty.

According to officials within the company, the bankruptcy is intended to allow Polaroid to restructure it’s finances. "We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009," stated Polaroid chief executive officer, Mary L. Jefferies. "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 “

According to records, Polaroid’s parent company, Petters Group Worldwide, is currently under investigation for fraud. Although Polaroid is not the subject of the investigation, it is difficult to predict how the outcome of such an investigation might effect future operations at Polaroid.

B. Thomas Cooper - Editor

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