Eastman Kodak to cut 1,000 more jobs by year's end

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 expected 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’s employee base has shrunk to about 17,100 at the end of last year from about 145,000 during the 1980s. – (Reuters)