HOLLYWOOD, Fla. (AP) -- Concord Camera Corp. said Thursday its board has approved a plan to wind down operations, lay off employees and liquidate remaining assets after the camera maker failed to find a buyer.
It said it will seek shareholder approval of the plan. Concord, which made single-use and traditional 35mm cameras, has already halted its manufacturing operations and terminated some employees.
Once shareholders approve the liquidation plan, Concord said it will lay off the rest of its staff, distribute any available cash to shareholders and delist its shares from the Nasdaq Stock Exchange.
The board created a special committee in August 2006 to explore strategic alternatives for the company, but it hadn't been able to find a suitable solution.
"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," Concord Camera said in a statement.
Shares closed Thursday at $1.70. They have traded in a 52-week range of $1.23 to $4.44.