Polaroid Corporation it had asked for. In 1977, Land introduced the Polaroid Instant Home Movie camera named Polavision, based on the Dufaycolor process. However, the product arrived on the market when videotape-based systems were rapidly gaining popularity. Thus it failed to sell well in retail stores and has been described as the swan song for Polaroid. After four decades as chairman, Edwin Land was coerced into resigning and leaving the corporation he had founded. He died in 1991. The "Polavision" debacle eventually caused the company to write off $89 million, including most of the manufactured products. The underlying technology of Polavision was
Polaroid Corporation This type of managerial failure is also known as the success trap. After the bankruptcy, the Polaroid brand was licensed for use on other products with the assistance of Skadden, Arps, Slate, Meagher & Flom. In September 2002, World Wide Licenses, a subsidiary of The Character Group plc, was granted the exclusive rights for three years to manufacture and sell digital cameras under the Polaroid brand for distribution internationally. Polaroid branded LCDs and plasma televisions and portable DVD players had also appeared on the market. On April 27, 2005, Petters Group Worldwide announced its acquisition of PHC. Petters has in