Bankruptcy will make Polaroid stronger. That’s what the company’s court-appointed receiver Doug Kelley tells the Star Tribune after the company filed for Chapter 11 bankruptcy on Thursday.
Criminal charges against owner Tom Petters and a tight credit market have hurt Polariod’s ability to transition from instant film into digital technologies, he said. In a statement, Polaroid said the bankruptcy and financial restructuring will not affect the day-to-day operations for employees, customers, retailers and suppliers.
“Our operations are strong,” CEO Mary Jeffries said, “and during this process Polaroid will ship products to our retail partners, work with our suppliers and contract manufacturers to fulfill retailer demand, honor customer warranties and employees are expected to receive their regular paychecks without interruption.”
She added that the company plans new product launches in 2009.
It’s the second time in a decade that Polaroid has filed for bankruptcy, the Pioneer Press reports. Minnetonka-based Petters Group Worldwide bought the company in 2005.