Polaroid Corporation, the inventor of the instant photo camera, has filed for bankruptcy protection.
Its parent company, Petters Group Worldwide is the subject of a fraud investigation.
Polaroid said it is not involved in the investigation.
Chief executive Mary Jeffries also said the application would not affect day-to-day operations for employees, customers, retailers and suppliers".
Polaroid said it has ample cash reserves to finance the reorganisation under Chapter 11, which protects a company from its creditors while it restructures under court supervision.
Founded in 1937, Polaroid became a household name a decade later with the release of the first instant film camera.
However, it fell into decline as digital photography replaced film and it filed for bankruptcy protection once previously, in 2001.