Polaroid to File Bankruptcy
The manufacturer of instant photography, Polaroid has filed for bankruptcy. No! It’s not the recession which will probably be the first thought on all our minds; it’s fraud instead. The culprit behind the company’s potential downfall is the one of its founders, Tom Petters.
Petters is charged with over twenty criminal cases including mail fraud, wire fraud, conspiracy and money laundering. He had produced fake documents to finance sham companies and made up losses amounting to £5m.
Petters was arrested in Hollywood style as he was leaving the country on his yacht with his mistress, children and bags of cash.
Polaroid’s instant film products have been on the scene for over fifty years and are still largely popular. The US based company recently launched Pogo, a handy credit card sized photo printer, which is slowly but surely hitting households.
The company statement affirmed that they were not going out of business, but were taking off time for restructuring. As we see it, the existing products will roll as it should but the prospects of any new products or research is bleak.
“Our operations are strong,” said chief executive Mary Jeffries. “We expect to continue our operations as normal during the reorganisation and are planning for product launches in 2009.”
About the author:
Abhinav has been blogging about printing and related technologies on CreativeCloud for several years. He is also a project manager for a large technology company.
