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News
Polaroid cuts 950 jobs
February 22, 2001: 6:32 p.m. ET

Restructuring plans call for 11% workforce reduction, focus on digital
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NEW YORK (CNNfn) - Polaroid Corp. will eliminate 11 percent of its workforce as part of a global restructuring program, taking a $90 million pre-tax charge in the first quarter.

The Cambridge, Mass.-based company said Thursday it will eliminate 950 jobs and accelerate implementation of its digital strategy as the demand for traditional instant film erodes.

graphicThe restructuring is expected to save Polaroid about $60 million upon its completion in 12 months.

The company also said it is continuing to focus on improving cash flow by reducing capital expenditures.

"Our focus is to generate strong positive cash flow and invest in specific market opportunities, such as instant digital printing," said Gary T. DiCamillo, Polaroid chairman and CEO, in a statement.

Shares of Polaroid (PRD: Research, Estimates) fell 9 cents to $5.62 Thursday on the New York Stock Exchange. graphic




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