Polaroid's recent announcement of quitting instant film was apparently a sign of things to come. Last Friday, December 19, the Minnesota-based company said it was filing for chapter 11 bankruptcy protection.

According to CNN, the comprehensive restructuring effort, involving all company subsidiaries, was prompted by an investigation of fraud at Petters Group Worldwide -- Polaroid's parent company since 2005.

"We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009," said Polaroid CEO Mary L. Jeffries. This new lineup will not include Polaroid iconic instant film -- much to the dismay of the product's numerous fans who are currently lobbying other companies to get into the instant film business.