Polaroid Purchase Closes

Gordon Brothers and Hilco Consumer Capital have completed their acquisitions of Polaroid, out of bankruptcy.

PRESS RELEASE

Today marked the closing of the sale of substantially all assets of Polaroid, including the Polaroid brand, intellectual property, inventory and other assets, to a joint venture led by Gordon Brothers Brands, LLC (“GBB”) and Hilco Consumer Capital, L.P. (“HCC”). The Federal Bankruptcy court for the district of Minnesota had earlier approved the sale on April 16, 2009.

Polaroid’s new owners also announced today that former Polaroid Executive Vice President & General Manager – Americas, Scott W. Hardy, has been named President of Polaroid. Hardy and the majority of existing, Minnesota-based Polaroid employees will remain with the company and its affiliates. The company will continue to maintain its headquarters in Minneapolis and also have offices in Boston, New York and Toronto.

“With the successful closing and a new management team in place, we can move forward with executing our full-scale global licensing and distribution strategy for wholesale, direct-to-retail and e-commerce businesses,” stated Scott Hardy, President of Polaroid. “We have already signed agreements with several major licensees, representing a range of innovative product categories.”

Stephen Miller, Co-President of Gordon Brothers Retail Group and Jamie Salter, CEO of Hilco Consumer Capital, jointly added, “With Scott at the helm, an established team behind him, and a number of key licensees already in place, we are on track to expand the Polaroid brand globally while leveraging its pioneering heritage.”

Founded in 1937, Polaroid’s unique “innovation-made-simple” brand platform has global appeal across a wide demographic and can be expanded across numerous products, such as digital cameras, digital photo frames, digital HD camcorders, flat panel televisions, portable DVD players, and more.

Always on the cutting edge of the latest “instant” technologies, Polaroid is also responsible for the world’s very first ZINK(TM) (Zero Ink(TM) Printing Technology) enabled printing device. The Polaroid PoGo(TM) Instant Mobile Printer offers the capability to print and share 2″x3″ borderless, color images from a camera cell phone or digital camera in under a minute. In 2009, Polaroid unveiled a digital camera with the same printing capabilities, the palm-sized PoGo Instant Digital Camera.