Petters's Polaroid files bankruptcy
Polaroid Corp., is the latest entity to fall after it's owner, Tom Petters, went to jail awaiting trial on an alleged $3 billion Ponzi scheme against investors. Polaroid filed for Chapter 11 bankruptcy Thursday, the Star Tribune reports .
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In a statement, the company said the filing will not impact day-to-day operations nor introduction of unspecified new products in 2009.
Petters bought the Massachusetts-based company for $426 million in 2005. His business strategy was the use the Polaroid brand to sell more than cameras by placing the well-known name on plasma TVs, DVD players and memory cards.
When the investigation against Petters and his company Petters Group Worldwide became public, Polaroid assured customers their business was fine despite their owners troubles.
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