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CHICAGO (AdAge.com) -- Polaroid Corp., Cambridge, Mass., filed for bankruptcy today, facing more than $900 million in debt and falling sales.

The photography company suffered $200 million in losses in the first six months of 2001, on net sales of $664 million, a 25% decrease from last year.

Polaroid is still conducting business, a spokesman said, although the company said in a statement it plans to explore selling parts or all of the company. Polaroid's international subsidiaries in Europe and Asia are not part of the Chapter 11 filing.

It is not clear how Polaroid's financial distress will affect its agency, Bcom 3 Group's Leo Burnett USA, Chicago.

"I don't know whether there's been any cuts made to advertising or ad spending," the Polaroid spokesman said.

The company spent $18.8 million on measured media in the first six months of 2001, according to Taylor Nelson Sofres' CMR.

Polaroid's stock was at 28 cents Tuesday, its last day of trading, down from its 52-week high of about $13

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