Kodak Planning Up To 4,500 Job Cuts

 

ROCHESTER, NY (January 29, 2009) – Eastman Kodak announced they are cutting up to 4,500 jobs, about 18 percent of its workforce, after it posted a $137 million loss for the fourth quarter as sales of their digital and film-based photo products plummeted.

Kodak said the loss amounted to 51 cents per share in the last three months of 2008 when sales fell as much as 24 percent, or down $2.43 billion.

In upstate New York, as many as 1,300 Kodak jobs may be cut in Rochester, the Democrat & Chronicle reports today. A Kodak spokesperson told the paper that employees being cut are eligible to receive 1.5 week's pay for every year they've been with the company, up to a maximum of 52 weeks.

Since the 1980s when the company was rocked by photography making the transition from a chemical and paper-based industry to the digital realm, Kodak has grown smaller and smaller year after year.

Kodak's financial news was not taken well on Wall Street, where the stock was down more than 10 percent in morning trading, at $6.32.

 

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