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CAMBRIDGE, MA-In an effort to generate funds, Polaroid Corp. may move its headquarters out of its location here at 784 Memorial Dr.. If the financially beleaguered instant-photo pioneer does make the move it would the first time the company did not have a corporate presence here in more than 60 years.

Skip Colcord, spokesman for the company, tells GlobeSt.com that Polaroid is currently leasing its four-story headquarters here on Memorial Drive and would have to sublet the space if it decided to move. Less than six months ago, the company sold its interest in two buildings being developed here at 770 and 790 Memorial Dr.–right behind the company’s headquarters.

“We’re considering a whole range of options for our real estate properties,” says Colcord. “A lot of our decision-making here will be driven by the need for office space in this area.” In addition to its location here, the company has facilities in Wayland, Waltham, Norwood, Bedford, New Bedford and Norton.

“We have some financial challenges,” notes Colcord. “Our top priority now is cash generation. Any move we make is motivated by the need to generate cash.” Recently, analysts reportedly warned that Polaroid is moving closer to seeking bankruptcy protection. The company had two recent rounds of layoffs in which nearly 3,000 jobs were cut. Polaroid’s recent reported earnings for 2000 were $37.7 million on sales of $1.9 billion and its shares traded in the past year from a high of $14.18 down to 52 cents.

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