Well, not completely. But they're ceasing filmmaking completely.
http://www.boston.com/business/technology/articles/2008/02/08/polaroid_shutting_2_mass_facilities_laying_off_150/
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The Norwood and Waltham plants make large-format films used by professional photographers and artists. Polaroid also makes professional-grade films in Mexico, and its consumer film packs come from a factory in the Netherlands. All these plants are slated for closure this year. Polaroid chief operating officer Tom Beaudoin said the company is interested in licensing its technology to an outside firm that could manufacture film for faithful Polaroid customers. If that doesn't happen, Polaroid users would have to find an alternative photo technology, as the company plans to make only enough film to last into next year.
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The company will retain about 150 executive and administrative employees at its headquarters in Concord and a smaller office in Waltham. "We'll continue to have a strong presence in Massachusetts for the next 30 or 40 years," said Beaudoin. But Polaroid will now focus on flat-panel TVs and digital photography gear.
Polaroid has also struck an alliance with Zink Imaging Inc. of Bedford, a company founded by former Polaroid scientists and executives. Zink makes a system that generates pocket-sized prints of digital photos. Polaroid will begin selling Zink photo printers under its brand name this year.
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More at the source.
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