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Kodak job cuts continue as it aims to exit Chapter 11

Kodak job cuts continue as it aims to exit Chapter 11

September 10th, 2012 in News

NEW YORK (AP) - Kodak is reshuffling some executives and continuing to cut jobs as the pioneering photography company tries to emerge from bankruptcy protection.

Eastman Kodak Co. said it cut approximately 2,700 employees worldwide since the beginning of the year, and plans to eliminate roughly 1,000 more by 2012's end. Annual savings from these cuts should reach about $330 million, the company said Monday in a regulatory filing.

Kodak's workforce peaked in 1988 at nearly 150,000 employees.

But the company couldn't keep up with the shift from digital photo technology over the past decade and with competition from Japanese companies such as Canon.