( CNN ) -- Polaroid Corp. announced it was filing for Chapter 11 bankruptcy protection . The Minnesota-based company said it is taking itself and its subsidiaries into bankruptcy in order to restructure its finances . `` Our operations are strong and during this process Polaroid will ship products to our retail partners , work with our suppliers and contract manufacturers to fulfill retailer demand ... '' said Mary L. Jeffries , Polaroid chief executive officer . `` We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009 , '' she said , adding that employees should receive their paychecks without interruption . The bankruptcy filing was necessary because of an investigation of its parent company , Petters Group Worldwide , which has owned Polaroid since 2005 , the Polaroid statement said . The group 's founder and other employees are under investigation for fraud . Polaroid said the investigation does not involve its leadership team .
`` Our operations are strong , '' Polaroid CEO says ; company will `` fulfill retailer demand '' Polaroid : " We have a lot of inventory that we need to get rid of.'' Bankruptcy will allow restructuring of finances , company says . iReport.com : Share your favorite Polaroid pictures .