Maybe I am a born optimist, but I don't see it as bad news.
First of all, I'm sorry for those who are going to lose their job, unless Kodak finds a different collocation for them.
What I see is that the fixed-cost structure is now out of size in respect to the output. If line occupation was on average less than 50% in both buildings, production can be moved all in one building without loss of products and with a reduction of costs. That might in turn make Kodak more competitive and film either cheaper or more profitable.
So this could be good news: a reality check by Kodak, a downsizing of productive structure, a more efficient cost structure, profits from film.
The big problem I see for the future is that this might be the last downsizing move available. If film sales decrease further, and if Kodak don't find the way to use "half" building, then the moment might come when their fixed-cost structure can no longer be supported by sales.
If that moment ever comes, I suppose that for other film producers of this planet, especially small ones, a huge window of opportunity might open. Remember they presumably have a smaller fixed-cost structure (with the possible exception of Fujifilm) and maybe the death of Kodak will mean, if it ever happens one day, certainty of survival for the other players.
Also, Kodak might sell "recipes" to Fuji and some products which don't have an equivalent in the Fuji offering might find a new life under a different brand.
All in all, I am not so pessimistic, even though I'm aware the industry lives tough times. I wouldn't bet any money against the survival of film, at today prices, in 30 years.