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Instant: The Story of Polaroid

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/ / Polaroid Corporation files for bankruptcy

In 1937 Land formed Polaroid Corporation to acquire the operations that he and George Wheelwright had begun. Eight original shareholders fronted $375,000 to back Land and his projects. They invested in Land and his ideas, allotting him a voting trust of stock that gave him control of the company for the next decade. Wheelwright left the company in 1940 to become a navy lieutenant and never rejoined the company. Researchers had devised a number of commercial applications for Polaroid polarizing sheetssuch as desk lamps, variable-density windows, lenses, and three-dimensional photographs called Vecto-graphsbut most of these products never became significantly profitable.

Hilco Consumer Capital and Gordon Brothers Brands announced the closing of the purchase of Polaroid Corporation on May 7, 2009 placing Polaroid Corporation in joint holding under a parent company named PLR IP Holdings, LLC. Former Executive Vice President and General Manager – Americas, Scott W. Hardy was named as the new President of Polaroid Corporation and PLR IP Holdings, LLC. The majority of employees remained in their positions at the company’s Minnetonka, Minnesota headquarters as well as office locations in Boston, New York and Toronto.

Polaroid Corporation - Wikipedia

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Polaroid Corporation Corporate Office & Headquarters

On April 2, 2009, Patriarch Partners won an auction for Polaroid Corporation’s assets including the company’s name, intellectual property, and photography collection. Patriarch’s $59.1 million bid beat bids from PHC Acquisitions, Hilco Consumer Capital Corp and Ritchie Capital.

On April 27, 2005, announced its acquisition of PHC. Petters has in the past bought up failed companies with well-known names for the value of those names. The same year, purchased Polaroid’s manufacturing operations and the decision was made to send most of the manufacturing to China. The “new” Polaroid Corporation filed for Chapter 11 bankruptcy protection on December 18, 2008. That year, Polaroid announced that the company would stop producing analog instant film.