twice connect
careers

Concord Camera Closes Down

11/03/2008 09:05:00 AM Eastern

Hollywood, Fla. — After failing to find a buyer for its struggling film camera business, Concord Camera will shut down.

The company, which marketed low-cost single-use and 35mm film cameras to retailers such as Wal-Mart and on a private-label basis to brands such as Kodak, will liquidate its assets and lay off its employees based here and in Hong Kong.

No time line was provided for the sell-off.

Concord had been casting about for a buyer as of 2006, when its board approved a special committee to explore “strategic alternatives” for the firm.

“Despite devoting substantial time, effort and resources, neither the special committee nor the company was able to identify a buyer or strategic partner willing to firmly commit to acquire the company, in whole or in part, on financial and other terms which the board viewed as reasonably likely to provide greater value to shareholders than the complete dissolution and liquidation of the company," the company said in a statement announcing its demise.