We knew that Polaroid was ditching the instant film that made them so famous. Now, it seems like that is the least of their (and consumers’) worries.

CNN says that the company has just filed for Chapter 11 bankruptcy protection. Despite the downer news, things should be business as usual. CEO Mary L. Jeffries says that the company still plans to ship products and “fulfill retailer demand.”

Also, employees won’t have to worry; checks are still coming. Heck, the company is even planning product launches for 2009. Apparently, the move was to protect Polaroid’s parent company, Petters Group Worldwide. The group’s founder and a few employees are under investigation for fraud.

We know that Polaroid has been cranking out TVs, printers and even portable DVD players for some time. There’s no word on what’s coming for the New Year, but we have to wonder…

Would the bankruptcy news deter you from buying a Polaroid product? Sound off in the comments section below.

Rachel Cericola - Contributing Writer

Over the past 15 years, Rachel Cericola has covered entertainment, web and technology trends. Check her out at www.rachelcericola.com.