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For decades, Polaroid rode the wave of instant photography to reliable profits. In 1991, sales topped out at nearly $3 billion. But digital photography marginalized Polaroid's flagship products, and business crashed. In 2001, the company filed for bankruptcy.
Then, in 2005, the Petters Group snapped up the troubled company for $426 million. The company changed direction, focused on other products, and finally axed it's instant photography business altogether. And, thanks to alleged financial misconduct by Petter's CEO, Polarooid filed once again for bankruptcy again late last year.
NY-based Patriarch Partners - specialists in turning around troubled companies - recently snatched up Polaroid for a mere $59 million. (A bargain price for a company with $1 billion in sales.) Patriarch plans to "continue rebuilding the brand of this great American company on a world-wide scale and to re-establish Polaroid as a globally acknowledged innovator."
With Polaroids recent re-entrance into the instant photography market - via the PoGo digital camera and inkless portable printer - maybe the third time's the charm.
|Sheri Ann Richerson|