Petters is the founder, CEO and chairman of Petters Group Worldwide. Petters Group Worldwide has grown from an undercapitalized, one-person trading company started by Tom Petters in 1988 into a diverse holding company with 3,200 employees and investments or full ownership in 60 companies, of which it actively manages 20. In 2002, Tom Petters was a partner in acquiring and restarting Fingerhut, one of the largest catalog and direct mail companies in the country. The following year he acquired uBid.com, the second-largest Internet auction site. Petters Group bought the Polaroid Corporation in 2005 and, with Whitebox advisers, Sun Country Airlines in 2006.