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eastman kodak bankruptcy

eastman kodak bankruptcy

Eastman Kodak filed for bankruptcy protection today.  Below is a Wall Street Journal snippet and link to full article.  Corporations come and go:  Do you remember Polaroid….the now defunct company that invented analog instant photography.  Kodak is a legend, having produced film that has captured images of families for over a century.  They are still the only source for all types of niche films such as 16mm movie film and other specialty films.  However, Kodak never did a good job of moving to digital photography.  This is a classic case where they didn’t want to cannibalize an incredibly profitable film business for a new (digital) venture that might not be as profitable.  Ultimately, this philosophy may have worked for investors who got out prior to 2005 because stock prices remained high through the middle 2000’s until the first inklings of the recession hit.  Bottom line – it’s sad to say goodbye to this old veteran, but unfortunately it was inevitable.  I predict a full and total liquidation of Kodak with only its name and rights to specialty chemicals and films being sold off to specialty chemical companies.

It is important to note the amazing 131 year history of Kodak, for a history of its founder and his exemplary philanthropy, please view the Wikipedia article on George Eastman – click here.

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Quoted from the Wall Street Journal, January 19, 2012:

Eastman Kodak filed for bankruptcy protection after the film pioneer failed to raise fresh cash to fund a long-sputtering turnaround.

The 131-year-old company struggled for decades to cope with the emergence of competitors in its film business and the rise of digital technology. But its final pivot — an attempt to transform itself into a company selling printers — proved too costly amid declining film sales and expensive obligations to its retirees.

http://online.wsj.com/article/SB10001424052970204555904577169920031456052.html?mod=djemalertNEWS

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