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Polaroid HQ staying in metro, along with most employees

Star Tribune

Last update: May 8, 2009 - 9:17 PM

Now that the sale of Polaroid out of bankruptcy has been closed, the new owners of the former Petters Group Worldwide property said that most current employees will stay on with the company and its affiliates, and the headquarters will stay in the Twin Cities after all.

A federal bankruptcy judge in Minnesota approved the $85.9 million sale on April 16 to a joint venture led by Gordon Brothers Brands and Hilco Consumer Capital.

Jamie Salter, head of Hilco Consumer Capital, had said late last month that the new company would be based in New York. Salter also said at the time that his group's bid didn't include the Minnetonka lease.

Company spokeswoman Lorrie Parent said the headquarters will be moved from Minnetonka to another Twin Cities location.

Also on Thursday, the day of the sale closing, the new owners announced that Scott Hardy, former Polaroid executive vice president and general manager for the Americas, is Polaroid's new president.

While the owners said most existing employees will be retained, no precise numbers were offered.

PAUL WALSH

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