Financially troubled photography giant Kodak announced a new restructuring program this week, safeguarding the jobs of some 1,000 employees at its Guadalajara plant, at least for the time being.
Reports had suggested Kodak was preparing to file for Chapter 11 bankruptcy after no buyers had come in with bids for a slew of digital-imaging patents.
Under the new structure, Kodak has reduced its number of segments from three to two, eliminating its group dedicated to traditional film and photo paper products.
Kodak has suffered for reacting too slowly to the digital revolution. Shares fell by 80 percent in 2011 and the company has not posted a profit since 2007. Although the company’s stock rose by 45 percent Tuesday after the restructuring news, its price dropped to an all-time low of 36 cents last week.
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