Polaroid files for bankruptcy

Polaroid Corp., the 70-year-old photography-film company, sought bankruptcy protection from creditors more than two months after Tom Petters, founder of Polaroid parent Petters Group Worldwide, was arrested on allegations of fraud Oct. 3.

Polaroid, based in Minnetonka, Minn., filed for Chapter 11 bankruptcy protection in Minneapolis. Petters Group filed for bankruptcy Oct. 11.