Kodak to cut 1,000 jobs globally
Bankrupt Eastman Kodak said it will cut an additional 1,000 jobs by the end of 2012, and is looking at further cuts.
The company said it expects to save about $330 million from the new job cuts.
Kodak, which invented the digital camera but had trouble adjusting to the digital age, was betting on an auction of its 1,100 patents to raise funds to repay money borrowed to finance its bankruptcy.
The company, which estimates its patents to be worth between $2.2 billion and $2.6 billion, received only sub-$500 million bids from investor groups, including Apple and Google, according to media reports.
Kodak has declined to comment on the sale and has delayed several times a bankruptcy court hearing during which it would reveal the details of the sale. The hearing on the sale was first set for Aug. 20 and is now scheduled for September 19th.
If the sale falls flat, the company will need to find other ways to raise the money to pay creditors as it looks to exit bankruptcy by early 2013.
Kodak's employee base has shrunk to about 17,100 at the end of last year from about 145,000 during the 1980s.
The company, which at one point employed more than 60,000 people in its hometown Rochester in upstate New York alone, did not disclose where the latest cuts would be made.
The company said it has already reduced its workforce by about 2,700 employees worldwide since the beginning of 2012.
Kodak went bankrupt in January, unable to adapt to the shift to digital imaging.