Kodak to phase out inkjet printers, cut 200 more jobs
The slow decline of Eastman Kodak Co. continues, with the bankrupt company saying it will phase out sales of consumer inkjet printers and cut 200 more jobs than previously expected.
The Rochester, N.Y., company has already nixed its digital camera business. Last month, it said it would sell the businesses responsible for scanners, film, souvenir photos and more, noting Friday that there has been “significant interest among potential buyers.”
Its Kodak Gallery photo-sharing site was sold to Shutterfly, only to be shut down. The company’s plan to auction off its patents has been postponed as executives look for other options, such as licensing.
Kodak is attempting to emerge from bankruptcy in early 2013 a leaner company focused on commercial printing and packaging services.
Already, Kodak has cut 2,700 jobs. It had expected to reduce head count by an additional 1,000, but on Friday boosted the number to 1,200.
The 23% reduction — which will leave Kodak with 13,100 employees — will help it save more than $340 million a year, the company said.
Starting next year, the company plans to start winding down sales of consumer inkjet printers and instead focus on selling ink for existing machines, it said Friday.
The company also asked for more time to submit its reorganization plan, asking for the deadline to be pushed until Feb. 28 before creditors can file competing proposals. Its case is “large and complex,” it said in a statement, involving $5 billion in assets, thousands of contracts and leases, thousands of potential creditors and other tangles.
Kodak filed for bankruptcy this year.
