Polaroid, part of Petters Group, sold for $86Mby Annie Baxter, Minnesota Public Radio
St. Paul, Minn. — Polaroid, part of the Petters Group Worldwide LLC slate of businesses, has been sold in bankruptcy court for about $86 million.
Gordon Brothers Brands LLC and Hilco Consumer Capital LP acquired Polaroid's assets and headquarters in Minnetonka in a court-supervised auction. The auction process had been reopened three times.
Polaroid filed for Chapter 11 bankruptcy in December amid allegations that Tom Petters, the founder of Petters Group Worldwide, was running a $3 billion Ponzi scheme.