Kodak To Cut 1,000 More Jobs To Save $330 Million

Kodak To Cut 1,000 More Jobs To Save $330 Million
News
Like Us On Facebook
Like Us On Facebook

The ailing Eastman Kodak will be required to cut more jobs, the company said today in a statement.

By the end of the year, Kodak expects to reduce its workforce by 1,000 more employees, saving the company about $330 million in salary and benefits. Kodak has already laid off 2,700 employees from its workforce since the beginning of this year.

“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,” Kodak chairman and CEO Antonio Perez said today in a statement.

Kodak didn’t necessarily leave out the possibility of more cuts. In fact, the company said that it’s continuing to analyze “further operational and workforce reductions.”

When this year is finished, it’ll be seen as the 12-month period where Kodak gutted its business and became a vastly different company. Back in February, the company announced that it was phasing out its digital cameras business – an industry it helped create — and would focus on licensing its patents. Last month, Kodak announced that it was selling its print film business to raise cash.

Kodak earlier this year filed for Chapter 11 bankruptcy protection. Since then, it has been anxiously trying to raise cash to emerge a more agile company. A key component in that has been the sale of Kodak’s digital-imaging patents. The company had hoped to raise about $2.5 billion in the sale, but reportedly received bids of that were substantially lower. In a statement to CNET last month, Kodak indicated that it might not sell its patents, after all.

Aside from its layoffs, Kodak said today that its president, Philip Faraci, is leaving the company. Kodak’s CFO Antoinette McCorvey is also leaving. The company will also report three distinct business segments, Digital Printing and Enterprise; Graphics, Entertainment and Commercial Films; and Personalized Imaging and Document Imaging. The last division is made up of the two businesses Kodak plans to sell.

via CNET

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Julian Sonny

From the sandy beaches of Hawaii, to the streets of New York: Julian has seen it all. His lifetime of travels has given him a broad scope of knowledge and an eclectic taste unlike any other in the tri-state area. Julian has often been compared to cultural icon, The Rock, because of his unequivocal work ethic and warrior-like stature.

More In News

Technology Ashley Fern

This MacGyver-Like Hair Clip Can And Will Actually Save Your Life

Remember those little, flimsy hair clips circa 1990? Well, apparently they are making a huge comeback as mini toolboxes. Yes, you read that correctly — toolboxes. Each sports a flat head screwdriver, a 5/16 wrench, a serrated edge that can even slice through a rope and a ruler! Sunglasses need tightening? Just take the hair clip […]

Politics Sean Levinson

US Releases Photos That May Prove Russia Is Firing Across Ukraine Border

The Office of the Director of National Intelligence released surveillance images taken by air last week, claiming to prove that Russian troops have fired at the Ukrainian military from across the border. The photographs contain markings on multiple areas of the ground showing where the fire originated in Russia and made contact in Ukraine. Russia […]

Also On Elite

World

Easy For Him To Say! Google Cofounder Larry Page Says ‘People Shouldn’t Work As Much’

Google cofounder Larry Page has proposed an appealing solution to conquering unemployment as well as individual stress: working less. According to the Independent, Page was speaking with fellow cofounder Sergey Brin and venture capitalist Vinod Khosla when he said that the logistical answer to unemployment should be allowing full-time workers to work less and the […]

Women

15 Things We Learned From Carrie Bradshaw About Sex And The City

Carrie Bradshaw is the ultimate New York “It Girl.” She taught us everything we know about Manolo Blahnik, cosmopolitans and hailing a cab. She is the epitome of style, class and beauty, both inside and out. Almost everyone has met a woman who walks around Manhattan channeling this 90s icon. Not only did Carrie teach us […]

News

3-Year-Old Drummer Amazingly Leads An Entire Adult Orchestra During Concert (Video)

Watch and be amazed as a 3-year-old Russian boy leads an orchestra of adult musicians through Offenbach’s “Orpheus in the Underworld,” aka the Can-Can song, without sheet music. Lyonya Shilovsky from Novosibirsk has broken into the spotlight, and with good reason. He first appeared on the talent show “Minute of Fame” and videos of his talents […]

Women

Inside Feminist Porn: How Women Finally Get To Be On Top

“I need to watch some hardcore porn to prepare for this interview tomorrow. Any suggestions?” I jokingly ask my boyfriend-y character. I am not a porn connoisseur. I do not know the good sites or hottest pornstars. And I’m somewhat frightened by the things I’ve seen on the pop-ups on my computer screen. My Trusted […]