Skip to main content

Kodak announces even more job cuts

Kodak on Monday morning announced it is cutting another 1,000 employees by the end of the year, as the troubled company continues to claw its way out of Chapter 11 bankruptcy.

Kodak has already cut approximately 2,700 employees worldwide since the beginning of 2012. The one-time photography giant said that annual savings from these cuts should total about $330 million (£206 million).

"Kodak is becoming a more focused and competitively scaled company," Antonio Perez, chairman and CEO of Eastman Kodak Company, said in a statement. "We recognise that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses."

Kodak also announced that it is reshuffling some executives as part of a company restructuring plan. President Philip Faraci and CFO Antoinette McCorvey are leaving the company, while Rebecca Roof, a managing director of AlixPartners, the company's restructuring advisory firm, will become interim CFO.

"Roof has served in similar capacities for other companies that have successfully emerged from Chapter 11 restructurings," Kodak said in a statement.

Kodak will now have three business segments: digital printing and enterprise; graphics, entertainment and commercial films; and a new segment that includes the two businesses that are currently for sale, personalised imaging and document imaging.

Kodak filed for bankruptcy back in January and recently announced it is selling its long-time film business.

The firm has also been embroiled in a patent battle with Apple. In August, however, a Manhattan US Bankruptcy judge ruled in Kodak's favour on two of 10 patents the company planned to sell during its bankruptcy auction. Its portfolio includes 700 patents related to digital camera LCD viewfinders, plus 400 for image capture and manipulation.