Polaroid Goes Bankrupt; Plans to Sell Existing Assets
ASSOCIATE ARTS EDITOR
The Cambridge-based Polaroid Corporation obtained bankruptcy protection in the United States Bankruptcy Court in Wilmington, Delaware on October 12.
Last June, Polaroid announced that it would lay off 2,000 employees, approximately a quarter of its 8,000-member global workforce. In September, the company reduced health benefits for some of its workers.
Polaroid intends to continue making and shipping its products while it restructures its business operations and finances and searches for buyers for all or parts of the company. …