Polaroid in bankruptcy protection
Source: BBC
Camera-maker Polaroid has filed for US Chapter 11 bankruptcy protection amid allegations of fraud by the founder of its parent group.
Polaroid has been owned by Petters Group Worldwide since 2005, which was established by Tom Petters.
Mr Petters is now "under investigation for alleged acts of fraud that have compromised the financial condition of Polaroid," the firm said. Authorities believe that Tom Petters, the founder of Peters Group, was running a £3bn fraud scheme.
Polaroid is best know for inventing instant photography. But it stopped making the instant cameras about two years ago due to falling sales in the face of the growing popularity of digital cameras.
No comments:
Post a Comment
Everyone is encouraged to participate with civilized comments.