Polaroid is shutting its remaining US film plants in March and will get out of making film for instant-picture cameras by the end of the year, suggesting that digital cameras are the way to go in the photography sector in the future.
Polaroid, founded by inventor Edwin Land in 1937, filed for bankruptcy protection in 2001 and sold most of its assets and trademark name to Bank One, which in turn sold it on for $426 million to Petters Group Worldwide, a holding company for consumer brands.
The company says it is making enough instant film to last into 2009. After that it plans to license the technology to third-party companies.
Last month, Polaroid unveiled a line of printers that can develop wallet-sized photos from digital cameras in 60 seconds. It also markets DVD recorders.
