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Polaroid files for bankruptcy

The iconic Polaroid Corporation and its subsidiaries have filed for Chapter 11 bankruptcy protection.

The legendary high-tech American company, inventor of instant photography, blamed allegations of fraud at its parent company.

Based in Concord, MA, Polaroid said its financial restructuring process and its filing in bankruptcy court were the result of the federal investigation into its parent, Petters Group Worldwide. Petters Group has owned Polaroid since 2005.

Petters Group and its venture capital unit filed for Chapter 11 bankruptcy protection in October after a federal investigation into a $3 billion fraud scheme that authorities say was run by the company’s founder, Tom Petters. Petters is in custody and has maintained his innocence.