Editing Polaroid Corporation (section)

=== Use of Polaroid brand and assets following bankruptcy ===
[[File:Polaroid branded TV.jpg|thumb|A Polaroid branded TV set from c. 2010]]
After the bankruptcy, the Polaroid brand was licensed for use on other products with the assistance of [[Skadden, Arps, Slate, Meagher & Flom]]. In September 2002, World Wide Licenses, a subsidiary of The Character Group plc, was granted the exclusive rights for three years to manufacture and sell digital cameras under the Polaroid brand for distribution internationally.<ref name="wwlpr">[http://www.cool-icam.com/web/eng/press/PolaroidInt'l1.pdf Press release for camera licensing agreement (PDF)]  {{webarchive|url=https://web.archive.org/web/20160104204731/http://www.cool-icam.com/web/eng/press/PolaroidInt%27l1.pdf |date=January 4, 2016 }}, World Wide Licenses Ltd. Article dated 2002-09-24, retrieved 2006-12-01.</ref> Polaroid branded [[LCD television|LCDs]] and [[plasma television]]s and portable [[DVD player]]s had also appeared on the market.

On April 27, 2005, [[Petters Group Worldwide]] 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, [[Flextronics]] purchased Polaroid's manufacturing operations and the decision was made to send most of the manufacturing to China.<ref>[http://www.rrpc-ny.org/Data/newsletter/27_sept_05nl.htm] {{webarchive|url=https://web.archive.org/web/20060413195906/http://www.rrpc-ny.org/Data/newsletter/27_sept_05nl.htm|date=April 13, 2006}}</ref> It stopped making Polaroid cameras in 2007 and discontinued the sale of Polaroid film after 2009 to the dismay of loyal consumers.<ref>{{cite news|url=http://thelede.blogs.nytimes.com/2008/02/08/polaroid-abandons-instant-photography/?hp|title=Polaroid Abandons Instant Photography|last=Lyons|first=Patrick J.|date=2008-02-08|newspaper=[[The New York Times]]|access-date=2015-05-09|archive-date=2015-05-18|archive-url=https://web.archive.org/web/20150518101513/http://thelede.blogs.nytimes.com/2008/02/08/polaroid-abandons-instant-photography/?hp|url-status=live}}</ref><ref>{{cite web|url=http://www.manufacturing.net/News-Polaroid-Instant-Film-In-Demand.aspx?menuid=36|title=Industries Frantic To Find Polaroid Instant Film|date=2008-02-14|work=Manufacturing.net|access-date=2015-05-09|url-status=dead|archive-url=https://web.archive.org/web/20111011162936/http://www.manufacturing.net/News-Polaroid-Instant-Film-In-Demand.aspx?menuid=36|archive-date=October 11, 2011}}</ref> On December 18, 2008, the post-reorganization Polaroid Corp. filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Minnesota. The bankruptcy filing came shortly after the criminal investigation of its parent company, [[Petters Group Worldwide]], and the parent company founder, [[Tom Petters]].<ref name="petter">{{cite news|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=afOdWSvgMXtM&refer=home|title=Polaroid in Bankruptcy Again, Cites Petters Charges (Update3)|last=Larson|first=Erik|date=2008-12-19|work=Bloomberg.com|access-date=2015-05-09|url-status=dead|archive-url=https://web.archive.org/web/20100613163056/http://www.bloomberg.com/apps/news?pid=20601087|archive-date=2010-06-13}}</ref>

==== Auction for Polaroid Corporation's assets ====
On April 2, 2009, Patriarch Partners won an auction for Polaroid Corporation's assets including the company's name, intellectual property, and [[Polaroid Collection|photography collection]]. Patriarch's $59.1 million bid beat bids from PHC Acquisitions, Hilco Consumer Capital Corp and Ritchie Capital.<ref>{{Cite news |url=https://www.reuters.com/article/polaroid-auction/update-2-patriarch-wins-polaroid-auction-idUSN0227748920090403 |title=Reuters |date=3 April 2009 |access-date=2020-06-18 |archive-date=2020-06-18 |archive-url=https://web.archive.org/web/20200618114928/https://www.reuters.com/article/polaroid-auction/update-2-patriarch-wins-polaroid-auction-idUSN0227748920090403 |url-status=live }}</ref>

This led to some very contentious fighting and litigation, and Patriarch wound up walking away in early May 2009, and a joint venture between [[Gordon Brothers Group|Gordon Brothers Brands LLC]] and Hilco Consumer Capital LP picked up the pieces. According to a Reuters report:

<blockquote>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.{{Verify quote|date=July 2020}}</blockquote>

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.<ref>[http://www.boston.com/business/articles/2009/05/05/polaroid_sale_can_proceed_judge_rules/ "Polaroid sale can proceed, judge rules", ''The Boston Globe''. Retrieved on 7 May 2009.] {{webarchive |url=https://web.archive.org/web/20160305042250/http://www.boston.com/business/articles/2009/05/05/polaroid_sale_can_proceed_judge_rules/ |date=March 5, 2016 }}.</ref>

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.<ref>[http://www.polaroid.com/About/News/Press+Release:+Hilco+Consumer+Capital+and+Gordon+Brothers+Brands+Announce+Closing+of+Polaroid+Sale/39]  {{webarchive|url=https://web.archive.org/web/20091223202109/http://www.polaroid.com/About/News/Press+Release%3A+Hilco+Consumer+Capital+and+Gordon+Brothers+Brands+Announce+Closing+of+Polaroid+Sale/39|date=December 23, 2009}}</ref>

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, [[digital photo frame]]s and PoGo-branded mobile products. Summit Global Group added several former Polaroid employees to their staff. The company expects the agreement to yield $1.3 billion in retail sales over an unspecified period beginning in 2009.<ref>{{cite press release |url=http://www.polaroid.com/About/News/Press+Release:+Polaroid+Brand+Announces+Partnership+with+The+Summit+Global+Group+of+Companies/38 |title=Polaroid Brand Announces Partnership with The Summit Global Group of Companies |website=Polaroid |access-date=December 26, 2009 |url-status=dead |archive-url=https://web.archive.org/web/20091218094818/http://www.polaroid.com/About/News/Press+Release%3A+Polaroid+Brand+Announces+Partnership+with+The+Summit+Global+Group+of+Companies/38 |archive-date=December 18, 2009 }}</ref>

On January 5, 2010, Polaroid appointed [[Lady Gaga]] as "Creative Director" for the company.<ref>{{cite press release|title=Lady Gaga Named Creative Director for Polaroid Product Line|date=January 11, 2010|publisher=ImpactPR|url=http://www.impactpr.co.nz/News/ClientNews/tabid/99/articleType/ArticleView/articleId/157/Lady-Gaga-Named-Creative-Director-for-Polaroid-Product-Line.aspx|quote=PLR IP Holdings, LLC, owners of the Polaroid™ brand, today announced a multi-year strategic partnership with Lady Gaga, who will serve as creative director for a specialty line of Polaroid Imaging products.|work=Impactpr.co.nz|access-date=2014-02-25|archive-url=https://web.archive.org/web/20100301033934/http://www.impactpr.co.nz/News/ClientNews/tabid/99/articleType/ArticleView/articleId/157/Lady-Gaga-Named-Creative-Director-for-Polaroid-Product-Line.aspx|archive-date=2010-03-01|url-status=dead}}</ref> A press release stated that she would be the "new face" of Polaroid.<ref name="Press Release">{{cite press release|title=Lady Gaga Named Creative Director for Specialty Line of Polaroid Imaging Products|publisher=Polaroid|url=http://www.polaroid.com/About/News/Press+Release:+Lady+Gaga+Named+Creative+Director+for+Specialty+Line+of+Polaroid+Imaging+Products/4339|url-status=dead|archive-url=https://web.archive.org/web/20140822150823/http://www.polaroid.com/About/News/Press+Release%3A+Lady+Gaga+Named+Creative+Director+for+Specialty+Line+of+Polaroid+Imaging+Products/4339|archive-date=2014-08-22}}</ref> In a 2014 interview an account supervisor at R&J Public Relations, the PR firm for Polaroid, stated that the company is no longer working with Lady Gaga.<ref>{{Cite web |last=Lenzo |first=Krysia |title=What happens when celebrities become creative directors |url=https://www.cnbc.com/2015/12/03/what-happens-when-celebrities-become-creative-directors.html |access-date=2022-11-03 |website=CNBC |date=4 December 2015 |language=en |archive-date=2022-11-03 |archive-url=https://web.archive.org/web/20221103161755/https://www.cnbc.com/2015/12/03/what-happens-when-celebrities-become-creative-directors.html |url-status=live }}</ref>