Kodak Layoffs Job Cut: fires 4500 employees

Now company Kodak has decided to go for a big Kodak Lay off or Job Cut. The economic crisis is hitting all sectors. It is learnt that these layoffs are being done because of the declining sales and to save costs.

How many employees will be fired by Kodak layoffs?
All together, around 4500 employees may be asked to leave their jobs at Kodak. That will be around 18% of the total employee headcount at Kodak.

How many employees does Kodak have?
There are about 25,000 employees at Kodak.

Which locations or plants will be affected by the Kodak Layoffs?
No such information is available.

How much savings can be made by Kodak Layoffs?
No information is available about that.

When will the Kodak layoffs happen
The layoffs are expected to be done by March 2009. The plant will also be closed by then.

What are the primary reasons of Kodak Layoffs
The worsening global economy means that there is a decline in sales especially in the film-based photography products and hence that is the reason that company is deciding to go for job cuts.

Any other news about Kodak?
As per CBS06, Eastman Kodak says it is eliminating 3,500 to 4,500 jobs, or 14 percent to 18 percent of its payroll, as it posted a $137 million loss for the fourth quarter.

Kodak says sales and profits from both digital and film-based photography products plummeted.

The Rochester-based company said Thursday that its loss amounted to 51 cents a share in the last three months of the year. That compares with a year-ago profit of $215 million, or 75 cents a share. Excluding one-time items, the loss came to $21 million, or 8 cents a share.

It says sales fell 24 percent to $2.43 billion, as digital revenue fell 23 percent and traditional film-based revenue slumped 27 percent.

Analysts surveyed by Thomson Reuters expected, on average, a profit of 21 cents a share on higher sales of $2.81 billion.
Let's hope that alternative jobs are available to the affected employees of Kodak Layoffs Job Cut