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 claim], follows US District Judge James Rosenbaum's ruling on Thursday in Minneapolis that putting the purchase on hold during appeal would threaten operations at Polaroid, which is spending its cash at a rate of $3 million a month. On April 16, 2009, Polaroid won US Bankruptcy Court approval to be sold to a joint venture of Hilco Consumer Capital LP of Toronto and Gordon Brothers Brands LLC of Boston. Hilco Consumer Capital and Gordon Brothers Brands announced the closing of the purchase of Polaroid Corporation on May 7, 2009, placing Polaroid Corporation in joint holding under a parent company named