Kodak Workers Receive Pink Slips

More Kodak workers are beginning to feel the pain of Kodak's bankruptcy.

The company already laid off 2,700 workers worldwide through the end of September.

It was announced that another 1,200 would lose their jobs through the end of the year.

The company reports that a significant portion of those people were notified today.

These are also worldwide job cuts, but Kodak says a significant portion are in Rochester.

This is the corporate statement released by Kodak on Tuesday.

"Kodak has noted that we are becoming a more focused and competitively scaled company. As part of this process, we are streamlining our organization and reducing our cost structure, including a global workforce reduction of 3,900 positions in 2012. Of those positions, 2,700 had been eliminated by the end of September. A significant percentage of the people being impacted in the remaining 1,200 positions are being notified today."

At the same time, the company reporter its latest monthly operating report.

As of the end of August, Kodak had $345.8 million in cash.

Compared to July, that a roughly $93 million drop.

It has also sold about about 3.5% more.

But analysts say that is not enough to hold on to many of these positions.

"No one goes to Kodak thinking their job will be safe through the end of the week," said George Conboy, Brighton Securities President.

Financial analysts haven't seen Kodak bounce back yet.

"By now, after all of this restructuring, after all these jobs lost, after business has shuttered, we would expected to see the losses start to taper off," said Conboy.

Some of these positions are part of Kodak's inkjet printing line.

Including jobs like design and marketing here in Rochester.

That business stops selling printers in 2013.

The manufacturing of ink will continue for some time.

"Inkjet has been losing money since day one. Projection is that they will lose less money, but they are not even halfway to where they need to be if they are going to emerge from bankruptcy," said Conboy.

Kodak says workers notified today will get paid through December 30.

Conboy hopes with the next financial statement starts to show improvement.

"Small moves at this point aren't going to help Kodak, Kodak needs big moves," said Conboy.

The Eastman Kodak Retiree's Association sent out a letter Tuesday afternoon updating employees on Kodak's finances.

It says because of Kodak's obligations to secured creditors, it expects the "outcome of future benefits offered or funded by the company to be very limited, if available at all."