Kodak Goes Belly Up And Files For Bankruptcy

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]


Comments

    Who was running this company for the last decade? The captain of the Italian ship, the Costa Concordia? They failed to innovate. Who's next?

      Agfa? I'm surprised they didn't go down first.

      I hate to say this, but your joke wasn't even funny at all.

    I really hope Kodak manages to stick around. They're an iconic and well loved brand

      I hope they keep making 16mm and 35mm film. It's still better than digital.

    I 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?

    I 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.

    Adapt or die.

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