Polaroid to Shift Focus, Cut Staff

From Reuters

Polaroid Corp., maker of instant cameras and films, said today it plans to enter the conventional consumer film business on a worldwide basis, cut its work force and buy back up to $300 million worth of its stock.

Polaroid, which saw a sharp decline of its camera sales during the first half of the year and a drop in earnings to about half the level of last year, said it will streamline its operations, eliminating some businesses and reducing its work force by 500 to 800 people, or 8%, through attrition and early retirement.

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