And most likely there will be many more before the end of the month. I'm just worried what's going to happen if this whole coronavirus crisis is not over by the end of April as many are hoping. If it lasts much longer, none of us will have a job by the end of it.
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FYI...
https://www.rochesterfirst.com/news/local-news/jeff-clarke-steps-down-as-kodak-ceo/
https://www.diyphotography.net/eastman-kodak-cuts-400-jobs-due-financial-loss/
https://www.thelayoff.com/eastman-kodak
"Transformation" is really corporate America's Orwellian newspeak code word for we're-chopping-heads. In the 1990's it was called "downsizing." Nowadays, companies are in "transformation" mode.
Here's the latest on furloughs/layoffs/job losses from April:
https://www.businessinsider.com/april-jobs-report-what-charts-say-us-labor-market-economy-2020-5#the-headline-unemployment-rate-hit-147-the-highest-rate-since-the-modern-data-set-began-in-1948-1
With the hours reductions that affected many existing workers, and which are not calculated into these unemployment reports (that would probably be a whole separate category), the actual "rate" of those affected is much higher.
At this point, there may either be extended furloughs or layoffs (and lawmakers had better extend enhanced unemployment benefits and overall eligibility extensions beyond July if they expect anyone to vote for any of them come November, that's for sure).
If they commence layoffs, it'll hurt the brand since already coming on the heels of a bankruptcy and a buyout to put it on life support. 1-800-Flowers will be all over the place bragging about how they are surviving because they are operating strategically yadda yadda yadda.
Maybe everyone should just pool together some money from unemployment and form a "fund" to invest in these bought out firms that are now likely struggling due to COVID-19. In the future, you'll get a higher return when they are eventually sold by the owners.
Usually, you need to be considered a sophisticated investor to get in on the cash cow that is private equity investing. That should be changed post-COVID-19. Everyone collecting unemployment should now be made able to invest some of their money in a new Unemployed Furloughed Workers Investment Fund.
As if that will ever happen. Hah hah. But it's a good idea.
On a more realistic note, if the new owners cannot turn the company around, then no one can. They are formerly from Apollo Global Management, famous for saving the Hostess brand.
https://blogs.wsj.com/privateequity/2015/03/30/former-apollo-partners-contemplating-new-fund/
Doesn't look like the State of Illinois is even capable of beginning to reopen Illinois.
https://www.msn.com/en-us/health/medical/gov-pritzker-says-coronavirus-contact-tracing-is-a-key-to-reopening-illinois-public-health-leaders-concede-the-system-isn-e2-80-99t-ready-yet/ar-BB13thlM
My mom got furloughed she'll be going back to work soon