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.

Faridah D. Seriki

Faridah Seriki has been interested in technology since she got her hands on a desktop when she was 8. She founded Technesstivity after releasing a successful blog she made for class combining her passion for both journalism and technology. Faridah graduated from Vivian Fowler in 2009 and now lives in New York where she is a Broadcast Journalism major with a minor in Computer Science at Hofstra University.

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