Polaroid Files For Bankruptcy Protection

The Concord based-Polaroid has filed for bankruptcy, citing allegations of fraud at its parent company.

POlaroid says it was forced to file for Chapter 11 bankruptcy protection following a federal investigation into Petters group founder Tom Petters, who officials allege schemed investors out of $3 billion.

Polaroid says the allegations have compromised its financial condition, but it has plenty of cash on reserve to finance its reorganization under Chapter 11.