Petters and the Future of Polaroid

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Just to move the ball down the field a bit from what we reported in this week’s print issue, apparently Polaroid execs are huddling at the (besieged) Petters HQ for strategy talks.

First, here’s Doug Kelley, a Minneapolis attorney and court-appointed receiver in the Petters case. He has the authority to manage the Petters companies with court approval:

"We are in the process of conducting a financial analysis of the various companies and those that are determined to have value as ongoing operations, we will endeavor to keep going," Kelley said Thursday night.

However, he added, "Other businesses may have to be sold or closed."

Miller said that Polaroid is one of the companies that is developing its survival plans.

Polaroid CEO Mary Jeffries was at Petters Group Worldwide headquarters Thursday to meet with suppliers and retailers to discuss how the company wants to move forward.

Petters is poised to lay off 50 employees, according to the Minnesota Star Tribune.

Back story on the Petters story is right here.

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