Polaroid Files Chapter 11 Bankruptcy


polaroid-camera1

The sad day has arrived.

Polaroid had announced a while back that it was ceasing production of its beloved white-trimmed instant pictures. What I don’t quite get, according to CNN, is that:

“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.”

I thought it was because sales of Polaroid film were down due to the evolution of digital camera technology?

To read more, check out CNN’s article: “Polaroid files for Chapter 11

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