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The recession hits photography...
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Description
We have been working hard at the Photography Website to bring you the latest news on how the recession and credit crunch are affecting a huge variety of photography related businesses.The first major losses were reported by Kodak, who have announced that they are cutting 4,500 jobs throughout the forthcoming year after the reported a loss of $133 million in 2008. Most sales appear to have dropped over 20% for the company. UK retailer Jessops have also reported a major loss, clocking in at £19.1 million in 2008, added to a previous year loss in 2007 of £9.3 million. Sales are down 6.5% compared to the previous year, but they remain optimistic. Panasonic also announced that they will close two factories in Malasyia and the Philippines, this will result in the loss of over 500 jobs. The company have posted a loss last year of $1.1 billion, their first loss for 6 years. We will keep you updated on various companies as more news becomes available, until then bookmark us and check back regularly! | |||||