“When you look at this very painful Kodak moment today, you ‘re seeing something that’s deeply symbolic. You’re seeing either a potential for further downsizing of Kodak or at the worst – a liquidation,” – Joel Seligman, President of University of Rochester and Kodak board member.
“I think the stress in his voice and the weight on his shoulders, it is something that was certainly evident. I was raised here in Rochester my wife spent I think 20 years at Kodak – my father in law spent a career at Kodak. I worked at Kodak between high school and college. I understand the impact Kodak has in this town.” – Lieutenant Governor Bob Duffy, who took a call from Kodak CEO Antonio Perez last night.
“I think we can’t look at Kodak as just the business. We have to look at Kodak as it’s had its impact on this community. And what it did for this community remains…We’ll have some difficulties as a result of all of this, some uncertainty, but we’re certainly going to survive it as a community.” – Mayor Tom Richards.
“If people lose their jobs at Kodak, do we have the companies, do we have the opportunity for them to stay here? I think the answer to that is yes.” – County Executive Maggie Brooks.
Links of Day:
– Patrice Walsh wrote the most poignant thing I’ve read all day. She recalled her father’s days working at Kodak and her first time covering layoffs at the company – in 1986.
– Kodak has a website with questions and answers about the reorganization.
– Here’s a compilation of 10 memorable Kodak commercials.
Kodak’s bankruptcy affidavit is a fascinating read. It blames several factors for the filing:
– Deteriorated market conditions since 2008
– Difficulty getting licensing payments from patent infringers, allegedly including Apple, RIM and HTC
– Cost of benefits
– Negative publicity that constrained efforts to get financing
In 2003, Kodak’s global workforce was 63,000 and the company had $13.3 billion in revenue. In 2011, the workforce had shrunk to 17,000 and the revenue was $6 billion.
Read the affidavit, which describes the fall of the once-mighty company: