Rochester, N.Y.—As Eastman Kodak Company’s restructuring continues, some retirees feel a renewed sense of disappointment.
On Thursday, Kodak announced plans to sell its personalized imaging and document imaging businesses, which include kiosks and scanning respectively. In a news release, Kodak expressed confidence that the sale of these assets and further cost-cutting, including “curtailment of its legacy liabilities,” would be significant in its quest to reorganize and emerge from Chapter 11 Bankruptcy in 2013.
“This is potentially bad news for retirees,” said Chris Carosa, President of Bullfinch Fund.
Andrew Lippa retired in the late 1990s after more than 30 years at Kodak. He’s lost dental coverage, life insurance and expects to lose more benefits should legacy liabilities be cut further.
“At this point and time, what’s left isn't a lot,” Lippa said.
Kodak’s new focus will be commercial packaging and functional printing solutions and enterprise services, according to the company.
In an email to 13WHAM News, a Kodak spokesman said, in this case, legacy liabilities includes contracts for the Times Square video board and Hollywood Theatre naming rights, in addition to retiree health care costs.