Kodak Phasing Out Cameras; Jobs In Danger
Updated: Thursday, July 11 2013, 03:06 PM EDT
Kodak reports 400 employees work in the division. A total of 120 positions, or 30% of the division is based in Rochester. No layoffs have been announced, but the company reports those jobs are in danger.
"For some time, Kodak’s strategy has been to improve margins in the capture device business by narrowing our participation in terms of product , geographies and retail outlets. Today’s announcement is the logical extension of that process, given our analysis of the industry trends," said Pradeep Jotwani, President, Consumer Businesses, and Kodak Chief Marketing Officer.
The company expects to save more than $100 million by eliminating its camera business.
"They clearly weren't making any money on the camera business and in bankruptcy they have little choice but to get rid of business that aren't making money," said George Conboy of Brighton Securities.
Wright's Photo in Rochester said it stopped stocking Kodak cameras a while back because people weren't buying them.
But still Mike Wright said it's a sad day for the business.
"I feels like a wake today…such a great company is now being dismantled piece by piece, Wright said."
Kodak filed for Chapter 11 bankruptcy on January 19.