Kodak Laying Off 1,000 As Part Of Restructuring
As part of a massive restructure, Eastman Kodak is laying off 1,000 additional workers by the end of 2012. Kodak may have to extend those job losses before the end of the year to remain in business. About 30 years ago Kodak was employing around 145,000 employees and now that number has fallen to around 14,700. Kodak CFO Antoinette McCorvey and Kodak COO Philip Faraci recently exited the company. Kodak president Antonio Perez said:
“Kodak is becoming a more focused and competitively scaled company. We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses.”
Perez added that Kodak is:
“Reorganizing our senior management team, an action that will help accelerate the creation of a sustainable cost structure for operating our business for the benefit of our customers and position our Personalized Imaging and Document Imaging businesses for successful sales.”
Kodak is currently going through Chapter 11 bankruptcy protections and the company is selling off their patents in an auction. A final hearing is scheduled September 19th. Kodak is expected to exit bankruptcy protection by early 2013 if it’s patent portfolio sells for $2.5 billion that they are hoping to receive. Right now the bids have totaled below $500 million.