Rumors that Kodak is facing bankruptcy have been circulating for the last 3-months. Today it was announced that Kodak has filed for bankruptcy protection. Thinking in terms of the future, their goal now is to sort out their finances and make a comeback. Read on for details...
With debtors looming, Kodak has today filed for bankruptcy protection. The announcement came in a Press Release on their website. With profits on the decline, owing to the surplus of competition in this digital age, the Rochester-based firm had ‘their future’ in mind when they voluntarily filed for chapter 11 business reorganization on January 19.
As the company is international and as the filing for bankruptcy protection only affects companies in the US, its non-US subsidiaries continue to operate as normal.
The last decade has seen the shutting down of more than 10 of Kodak’s manufacturing plants. The firm is now set on reorganizing their finances to come out of chapter 11 on-top, as many under protection often do.
Kodak – A History in Pictures
No matter the outcome, the company’s extraordinary legacy will remain intact. As such, we are paying homage to Kodak, the inventors of rolled film, consumer cameras, and the digital camera.
In chronological order: Eastman’s State Street offices (1981), Eastman and Edison (c.1981), The Kodak Camera (1888), The Brownie Camera (1900), The Kodak Developing Machine (1902), Kodak Retina Reflex Camera (1958), Kodak Carousel Projector (1961), World’s first digital camera (1975), Kodak Fun Saver Panoramic 35mm Camera (1989), Kodak Zi8 Pocket Video Camera (2009).
Information used in the writing of this article came from an article in the BBC
What are your thoughts on the bankruptcy? Have you got a favorite Kodak film or camera? Please post your thoughts in the comments…