Guess what camera brand just got sold?
Steve’s breakdown: Yeah, you guessed it: Polaroid. It will take a little research but if this brand is in your wheelhouse, it will totally be worth the effort. Read on . . .
The deal — which switches ownership from Gordon Brothers, Hilco Global, the Pohlad family and others — is led by Wiaczeslaw (Slava) Smolokowski, the majority shareholder of The Impossible Project, which manufacturers instant film and purchased the last remaining Polaroid factory in 2008. Smolokowski is also co-founder of Mercuria Energy Group Limited, a commodity trading house.
The deal, which includes Polaroid intellectual property, took effect May 5. The price is not being shared.
Polaroid’s headquarters and management team will remain in Minnetonka, Minn. It also has offices in New York City and Hong Kong.
In the statement, Scott Hardy, Polaroid president and CEO, thanked the outgoing board for its leadership and support and welcomed the new group. “[We are] excited to begin writing the next chapter in the story of the Polaroid brand.”