As the nation’s oldest film and photography company, Kodak, has been a frontrunner in the industry for over 100 years. However, as technology shifts in the photography field Kodak began suffering a huge blow to profitability. Filing for Chapter 11 bankruptcy earlier this year to reorganize, the company has had to make some tough decisions in recent months.
One of the most sought after items up for grabs in the Kodak bankruptcy is a portfolio of 1,100 patents. Kodak’s wide range of patents available for sell have sparked interest around many circles. Some of the patents include aspects of how photographs are captured, process, stored and shared digitally. So far, bids for the portfolio include offers far below the hoped $500 billion. No sale has been finalized to date.
While the patent sale is on hold for now, Kodak is reshuffling some salaried positions and eliminating others. About 2,700 employees have already been laid off since the beginning of the year and another 1,000 are planned for the end of the year. Kodak executives estimate the savings gained from the repositioning and cuts to be about $330 million annually.