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Thread: Kodak Files Chapter 11

  1. #1
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    Angry Kodak Files Chapter 11

    My employer of 30 years filed for chapter 11 bankruptcy in the wee hours of the morning early today. After surviving 24 downsizings, my employment, and worse, my pension and any separation packages are now in jeopardy.

    The rumor mill has been rife with public speculation for months, while the corporate line has always been much rosier and reassuring. Every time there's been something in the paper or on the news speculating about Kodak's plight, Kodak management has sent out official emails to employees basically stating that the rumors aren't true, we're on coarse for the "digital transformation", and that they aren't planning on filing for bankruptcy. Lies, straight from the horses mouth. If what they've done is legal, the laws need to be changed.

    Kodak's policy of raising and grooming CEO's from within was much criticized in years past, and while they made their fair share of mistakes, they did seem to really care about a future for all of us, and made decisions they thought would benefit the company, not themselves. The change in that policy to bring in outside CEO's has resulted in the inexplicable selling off of many businesses that are currently thriving under other corporate banners that were worth a fortune, and they've run the remaining core business straight into the ground. Undoubtedly, the traditional silver halide business has been in decline for a long while....no secret there, but to take the 3rd most recognized brand and logo in the world and render it worthless boggles my mind. Being lied to by the folks in charge makes it all the worse. It's bad enough to go through tough times together, but these arrogant untouchables often manage to lie, remove themselves from responsibility, and basically walk away unscathed. I'm frustrated, discouraged, scared, mad as heck, and feel really helpless right now. Sorry for the rant guys (and gals), but sometimes there are aspects of human nature that I just despise....greed being near the top of the list, and corporate greed being the worst of that trait.
    Last edited by scott spencer; 01-19-2012 at 02:59 PM.
    Got Wood?

  2. #2
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    Really sad to hear about this Scott. I had done some work with Kodak a few years ago and spent some time in Rochester.

    Kodak was the keeper of memories for many of us for many years and one of the great Brand names of American manufacturing.

    Best wishes for you.
    Programmer - An organism that turns coffee into software.
    If all your friends are exactly like you, What an un-interesting life it must be.
    "A door is what a dog is perpetually on the wrong side of" Ogden Nash


  3. #3
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    Can't say it's a big surprise, but it still saddens me to see that the guys at the top weren't shooting straight with the employees. I can understand your frustration with the situation. Hopefully there will be a silver lining to the cloud, and new opportunities will present themselves to you.

    Wishing you the best, Scott.
    When the going gets weird, the weird turn pro. - Hunter S. Thompson
    When the weird get going, they start their own forum. - Vaughn McMillan

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  4. #4
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    I'm very sorry to hear about Kodak and especially about how it may affect you. I've been with a couple of companies who went down and the response of management was the same - optimistic comments all the way down. I learned from the first time and got out early the second time.

    Your pension is safe because of the pension guarantee fund. But any adders are off table.

    To be fair to management, it's extremely difficult to do "second acts" for most companies. I don't know why, but I've seen this over and over. Some company has a successful product and they're extremely successful, but the world changes and their product is no longer "hot". They always seem to have great difficulty making a transition to another product or technology.

    Good luck. It's a tough situation you find yourself in.

    Mike
    Ancora imparo
    Go into the world and do well. But more importantly, go into the world and do good.

  5. #5
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    I was sorry to see the news Scott. Hang in there, hopefully they will be able to pull it up and get things airborne again soon.
    Darren

    To a small child, the perfect granddad is unafraid of big dogs and fierce storms but absolutely terrified of the word “boo.” – Robert Brault

  6. #6
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    Thanks for the support gang. We could definitely see it coming, but after hearing reassurances from the top, I think most of us thought there was a little more time. I met the milestone of 30 years of service last April, but I honestly thought I'd see at least 1 or 2 more buyout opportunities before the end of this year.

    Film use has been in decline for a while, but it could still be a viable niche product for a leaner minded company who has interest in a smaller market. Kodak seems to have opted for home runs when a couple of singles could have changed the game for them. What remains of the Kodak workforce is a very capable, very dedicated group who I think deserve better than to be "misinformed".
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  7. #7
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    Sorry Scott went through many downsizing''s and name changes my self. Made a great job very frustrating at times. So I feel for you big time. I hope you land on your feet and things look up. I will say that if you can afford it not working isn't a bad job and the lies are the ones I tell myself! All the buy outs came before I was eligible or I would have grabbed one.

    Garry

  8. #8
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    It's disheartening to hear news like that. It's a sign of the times. Technology has a way of getting its way, with little regard for the human factor. You're a bright guy, and I'm guessing you will do just fine in your search for new employment if it gets to that. With your interest in woodworking, saws and blades, have you considered exploring that field?




    .

  9. #9
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    Quote Originally Posted by mike marvel View Post
    It's disheartening to hear news like that. It's a sign of the times. Technology has a way of getting its way, with little regard for the human factor. You're a bright guy, and I'm guessing you will do just fine in your search for new employment if it gets to that. With your interest in woodworking, saws and blades, have you considered exploring that field?




    .
    Thanks Mike - It would be fun to be involved with wwing, tools, or saw blades, but I don't have a clue how to shift into that gear as a career. The winds of change are upon me, so we shall see!
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  10. #10
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    Scott I am so sorry to hear of your plight. Things like this are probably why my father said, "I don't care what you do, but try to be your own boss." He worked for the telephone company. He really loved his work. However, he really wanted me to do something where I was my own boss.

    I would like to say, "Enjoy." however I does not seem appropriate.

    JimB
    First of all you have to be smarter than the machine.
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