Polaroid Files Chapter 11

BOSTON–Long troubled Polaroid, which on Friday filed for Chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., said in a prepared statement that it “intends to continue to manufacture, market and distribute its core instant imaging products” as it works to restructure its operations and finances. Polaroid continues to advertise, though it remains to be seen if spending levels will be trimmed in the near term, said company representative Skip Colcord.

Polaroid in May 2000 consolidated its estimated $150 million global advertising account with Bcom3 Group owned and affiliated shops, including Leo Burnett in Chicago, which took North American creative chores from Goodby, Silverstein & Partners and BBDO.

In Europe, Bartle Bogle Hegarty in London crafts Polaroid ads; most media chores are with Starcom in Chicago. Polaroid spent about $45 million domestically on ads in 2000 and nearly $20 million through the first half of 2001, according to CMR.