|Scott W. Hardy (|
Polaroid is an American company that is a
The company was founded in 1937 by
When the original Polaroid Corporation was declared bankrupt in 2001, its brand and assets were sold off. The "new" Polaroid formed as a result, and itself declared bankruptcy in 2008, resulting in a further sale and in the present-day Polaroid Corporation. In May 2017, the brand and intellectual property of the Polaroid corporation were acquired by the largest shareholder of the Impossible Project, which had originally started out in 2008 by producing new instant films for Polaroid cameras. The Impossible Project was renamed
The original Polaroid Corporation was founded in
When Kodak announced instant film cameras in 1976, Polaroid announced they were suing them, accusing Kodak of having stolen its patented instant photography process. In the two years that followed the lawsuit, total sales of instant cameras climbed from 7.4 million cameras in 1976 to 10.3 million in 1977 and 14.3 million in 1978. The suit in federal court lasted 10 years. Polaroid asked for $12 billion for infringements of its patents by Kodak. The court ruled in favor of Polaroid, and ordered Kodak to cease instant picture production, plus pay Polaroid $909.5 million of the $12 billion it had asked for.
In 1977, Land introduced the Polaroid Instant Home Movie camera named
In the 1980s, Polaroid tried to reinvent itself without Land at its helm by shifting away from a dependence on consumer photography, a market which was in steady decline. Polaroid was forced to make wholesale changes that included having to fire thousands of workers and close many factories. The 1990s saw the advent of new technologies that profoundly changed the world of photography — one-hour color film processing, single-use cameras from competitors, videotape camcorders, and digital cameras.
The company also was one of the early manufacturers of digital cameras, with the PDC-2000 in 1996; however, they failed to capture a large market share in that segment.
They also made 35 mm and multi format scanners, such as Polaroid SpiritScan 4000 35 mm scanner (the first scanner with a 4000 DPI CCD) in 1999, and the Polaroid PrintScan 120 in 2000. The scanners received mixed reviews and saw heavy competition from Nikon and Minolta products. The entire line was discontinued when Polaroid entered bankruptcy in 2001.[
The original Polaroid Corporation filed for federal
Significant criticism surrounded this "takeover" because the process left executives of the company with large bonuses, while stockholders, as well as current and retired employees, were left with nothing. The company announced a plan that gave the top 45 executives bonuses just for staying at their jobs. Meanwhile, other employees were restricted from selling their stock before leaving their jobs.:31
As part of the settlement, the original Polaroid Corporation changed its name to Primary PDC, Inc. Having sold its assets, it was now effectively nothing more than an administrative shell. Primary PDC received approximately 35 percent of the "new" Polaroid, which was to be distributed to its
Polaroid’s bankruptcy is widely attributed to the failure of senior management — unable to anticipate the impact of
After the bankruptcy, the Polaroid brand was licensed for use on other products with the assistance of
On April 27, 2005,
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.
This led to some very contentious fighting and litigation, and Patriarch wound up walking away in early May, 2009, and a joint venture between
The move by New York-based Patriarch, a private-equity firm, [to drop their claim], follows US District Judge James Rosenbaum's ruling on Thursday in Minneapolis that putting the purchase on hold during appeal would threaten operations at Polaroid, which is spending its cash at a rate of $3 million a month.
On April 16, 2009, Polaroid won US Bankruptcy Court approval to be sold to a joint venture of Hilco Consumer Capital LP of Toronto and Gordon Brothers Brands LLC of Boston.
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.
On June 19, 2009, the new holding corporation for Polaroid, PLR IP Holdings, LLC announced an exclusive 5-year agreement with Summit Global Group to produce and distribute Polaroid-branded digital still cameras, digital video cameras,
In 2017, the holding corporation for Polaroid, PLR IP Holdings, LLC, was acquired by Polish investor Oskar Smołokowski. The last factory producing Polaroid instant picture film cartridges in