Despite its recent strategy of “sue everybody for everything,” Kodak has succumb to its financial pressures and filed for Chapter 11 business reorganization in New York. The iconic photography company isn’t dead yet, however, just very broke.
Kodak has already shuttered 13 manufacturing plants, 130 processing labs, and sheared 47,000 worked from its payroll since 2003 in an effort to offload its unprofitable divisions. Moving forward, Kodak hopes to leverage its existing “digital capture” patents and printing products to create “a lean, world-class, digital imaging and materials science company,” said CEO Antonio Perez in a press release. The business restructuring should be completed by 2013. [Engadget]
Kroo
Thursday, January 19, 2012 at 7:00 PMWho was running this company for the last decade? The captain of the Italian ship, the Costa Concordia? They failed to innovate. Who’s next?
mango
Thursday, January 19, 2012 at 9:37 PMAgfa? I’m surprised they didn’t go down first.
Elly
Thursday, January 19, 2012 at 10:43 PMI hate to say this, but your joke wasn’t even funny at all.
Philip B
Thursday, January 19, 2012 at 8:45 PMI really hope Kodak manages to stick around. They’re an iconic and well loved brand
Andrew
Thursday, January 19, 2012 at 9:41 PMI hope they keep making 16mm and 35mm film. It’s still better than digital.
soundasleep
Friday, January 20, 2012 at 12:32 AMI can’t help smile at the slight irony that my first digital camera was a Kodak. Anybody else remember dropping a small fortune for a 16Mb CF card?
moloko
Friday, January 20, 2012 at 12:49 AMIt’s funny because it’s true.
z3d
Friday, January 20, 2012 at 8:26 AMI know this has a lot to do with digital cameras killing off the film business. I’ve had to deal with them trying to get renew maintenance for some kodak imaging software so we could download the latest…. how many months do you think it’s reasonable to wait for them to press a button on our account and how many kodak staff do you think were required to make it happen? it was for one of our document scanning projects and took 3 or 4 months and half of kodak (and their Aus partners). If that’s an indicator of things, can’t say i’m terribly surprised.
Smallies
Friday, January 20, 2012 at 10:57 AMAdapt or die.