Eastman Kodak have already let go of 2,700 employees, and now they've announced that another 1,000 jobs will be cut to save the company $330 million in salary and benefits that would have been paid out. These jobs will be cut before the end of the year.
Antonio Perez, Kodak chairman and CEO has said that their current workforce and cost structure was designed for a much larger, and more diversified set of businesses. This makes sense, as the company has been selling parts of their business, like ditching weight from a sinking ship. They've sold off their image sensor, print film and online photo gallery in the past few months alone.
Kodak has been around for more than 133 years, and only filed for chapter 11 bankruptcy in January of this year. Ever since, they've been trying to restructure, but we don't know how much longer the company will last in its current capacity.
Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.