Polaroid may have defeated Kodak in the instant camera business, but it can't beat a sagging economy. Polaroid (or Polaroid Corp to be precise) just filed for Chapter 11 bankruptcy protection for the second time in 7 years. Of course, the new Polaroid Corporation is really just a holding company for the Polaroid name -- a brand that has been thoroughly diluted by its application to sub-standard TVs, vile portable DVD players, and gimmicky PoGo digital cameras. Polaroid says, "We expect to continue our operations as normal during the reorganization and are planning for new product launches in 2009." That a threat?

[Thanks JideOsan, image courtesy of Jerkwithacamera]

Ask Engadget: Best simple camera for my mother?