A fire shutter adapted to close off an area comprises a shutter curtain movable from an up position to a closed position, wherein the shutter curtain closes off the area when in the closed position, and at least one retractable guide, movable from a retracted position to an extended position and having a camber. The shutter curtain engages the at least one retractable guide as the shutter curtain moves from the up position toward the closed position, biasing the at least one retractable guide to the retracted position, and in the closed position the shutter curtain engages the camber and allows the at least one retractable guide to move to the extended position. The shutter curtain can also comprise front slats and rear slats, and an insulation package can be deployable from a non-deployed position to a deployed position within a space between the front slats and the rear slats.