The Kodak, invented by George Eastman (1854-1932)
Multinational imaging and photographic equipment, materials and services company, Eastman Kodak Company commonly known as Kodak has filed for bankruptcy. Reports say the New York-based company failed to ‘remake itself for the digital age’.
Kodak which was founded 131 years ago
says it has filed for protection under Chapter 11 of the US bankruptcy
code, along with its US subsidiaries. However, its units in other places
have not been affected.
Antonio Perez, chairman
and chief executive of Kodak says the company had shed 47,000 jobs and
closed 13 manufacturing plants and 130 processing labs since 2003.
The decision to declare bankruptcy,
Kodak says, was its board’s unanimous decision. It has also been agreed
that the company’s portfolio of digital imaging patents will be sold to
‘ease off the company’s financial pressures’.
The shocking move will however protect
the company from its creditors while it recognizes its financial
structure. Kodak intends to bounce back in 2013.
‘Kodak is taking a significant step toward enabling our enterprise to complete its transformation‘, Mr Perez said.
Kodak was founded by George Eastman in 1892.
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