Iconic camera company Polaroid has been acquired in the States by a joint venture from Gordon Brothers Brands and Hilco Consumer Capital in an $87 million deal.

Following the news late last year that Polaroid was filing for bankruptcy protection, the news has been announced at the Federal Bankruptcy court for the district of Minnesota.

The assets of Polaroid, including the Polaroid brand, intellectual property, inventory and other assets will go to the companies, who also recently bought The Sharper Image.

The co-president of Gordon Brothers stated: "Polaroid is an iconic brand known globally for their technical innovation and high-quality products that deliver on its reputation of ease-of-use. As a Boston-based company, it's a privilege to keep Polaroid's roots in America while expanding the brand internationally".

The companies plan "additional product opportunities, ranging from consumer electronics to commercial imaging" and "intends to partner with a number of global institutions in the ongoing development of the Polaroid brand".