Judge Okays Polaroid Sale
After weeks of false starts, a judge in Minnesota has ruled that the sale of the Polaroid brand can indeed proceed, leading a rival bidder to abandon its efforts.
The $88 million sale, to a joint venture made up of Hilco Consumer Capital LP and Gordon Brothers Brands LLC, went through last month but had been challenged by a rival bidder, Patriarch Partners LLC. According to Bloomberg News, Patriarch said Thursday that it will not pursue the matter further.
Polaroid became available after its previous owner, Petters Group Worldwide, went bankrupt amidst the federal indictment of its owner, businessman Tom Petters.