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Polaroid to Fire 950, or 11% of Work Force

February 23, 2001|Bloomberg News

Polaroid Corp. said it will fire 950 employees, or about 11% of its work force, as the world's biggest maker of instant-photography products restructures operations amid a decline in sales. The firings will take place over 12 months and result in a pretax charge of $90 million, including $60 million in severance costs. The rest of the charge will be to write off assets. It will consolidate its manufacturing plants because of the decline in traditional instant film. About half the jobs cut will be in Massachusetts, said spokesman Skip Colcord. Polaroid, which is based in Cambridge, Mass., said it is talking with its banks to renegotiate lending agreements. Shares of Polaroid fell 9 cents to close at $5.62 on the Big Board.

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