Kodak Files For Bankruptcy
Early this morning, Eastman Kodak Co. filed for Chapter 11 bankruptcy protection. This comes after over 130 years in the photography and imaging industry. According to the Washington Post, the company lists assets of $5.1 billion and debt of $6.8 billion.
In an age where Smartphones and digital cameras are king, Kodak has struggled for several years to earn the dominance it once had in the industry. The company has had to close 13 manufacturing plants and 130 processing labs, and cut its workforce by 47,000 since 2003.
Kodak received $950 million in funding from Citigroup to maintain operations as it goes through bankruptcy.
What do you think? Was the company doomed from the start of the digital age? Drop your comments below.
No related posts.