"We promised shareholders we would reduce our debt by $100 million this year," Skip Colcord, spokesperson for the company, tells GlobeSt.com. "We are also dealing with the same economic softness everyone else is dealing with."

The company recently suspended its dividend on stock, reportedly the first time that has happened in three decades. Colcord adds that an additional impetus to the cuts is the capital needed for the company's transition from instant photography to products based on digital imaging.

Polaroid has its headquarters here and has offices and manufacturing facilities in Waltham, Wayland, Bedford, Norton, Norwood and New Bedford. Colcord says that none of these facilities will be closed down in light of the layoffs.