Polaroid closing down factories as digital cameras dominates the market

Polaroid Corp. has announced that they are going to close down factories in Massachusetts, Mexico and the Netherlands. They are also going to cut around 450 jobs as they are now going to focus on popular technologies like portable printers, digital cameras, televisions and DVD players.

The old generation camera technologies are struggling to compete against the new digital media age and Polaroid is just one of the several companies suffering due to this phenomena.

Tom Beaudoin, Polaroid’s president, chief operating officer and chief financial officer spoke about these new developments: “We’re trying to reinvent Polaroid so it lives on for the next 30 to 40 years.”

The company added that they would continue to sell their instant film through next year. After that the only other major player left in this market would be Fujifilm.

Popularity: 6% [?]