updated 04:15 pm EDT, Fri April 17, 2009
Hilco, Gordon buy Polaroid
A joint venture led by Gordon Brothers Brands and Hilco Consumer Capital, along with private equity fund Knight's Bridge Capital Partners and other investors, was approved by a Minnesota Federal Bankruptcy court to acquire all assets of the Polaroid brand. In a Thursday announcement from the joint venture, which also recently purchased The Sharper Image, Linens 'N Things and Bombay, the companies promise to develop a full-scale global licensing and marketing strategy for wholesale, direct-to-retail and e-commerce business to make Polaroid competitive again.
"Polaroid is an iconic brand known globally for their technical innovation and high-quality products that deliver on its reputation of ease-of-use," said Gordon Bros co-president Stephen Miller of the 72-year-old brand.
Polaroid first launched polarized sunglasses before developing and successfully marketing instant film, cameras and related accessories and then going onto releasing flat panel TVs, portable DVD players, digital photo frames, HD camcorders and waterproof digital cameras, among other products. More recently, it released the Polaroid PoGo camera with a built-in printer, continuing its legacy of providing instant photos.
The company filed for bankruptcy in December, though, and was auctioned off, with Patriarch Partners seemingly posting the winning bid. The auction was opened up again, however, when Polaroid creditors complained that the bidding was flawed and a judge allowed the top two bidders to make another offer.