STEVE INSKEEP, host: NPR's business news starts with Polaroid filing for bankruptcy.</s>STEVE INSKEEP, host: Your first thought might be: I would have thought they'd done that years ago, but no, Polaroid is still around. The icon of instant photography is trying to adjust in a world dominated by digital photography, and last night, Polaroid announced it is filing for Chapter 11 bankruptcy. That's the form in which you reorganize your finances and perhaps keep going, not the one in which you liquidate. In fact, Polaroid is not doing so badly.</s>STEVE INSKEEP, host: The main reason the company is in bankruptcy now is because its parent company went bankrupt in October. That firm went bankrupt after its founder was arrested on charges of running an alleged multibillion-dollar Ponzi scheme. This is not one related, by the way, to the other Ponzi scheme, alleged to have been committed by Bernard Madoff.
The icon of instant photography is trying to adjust to a world dominated by digital photography. Polaroid Corp. and its subsidiaries filed for Chapter 11 bankruptcy protection Thursday. In a statement, the company said its ongoing financial restructuring plan is the result of allegations of fraud at its parent company, Petters Group Worldwide. Polaroid says the filing will not affect day-to-day operations.