In what is a major shock to the Camera manufacturing industry The Wall Street Journal reported that Eastman Kodak Co is preparing to file for bankruptcy in the United States. This marks the beginning of the end for the 131 year old company that was once considered one of America’s pioneering and innovative corporate giants.
The company is planning to file the bankruptcy paper in February and until then Kodak will make last minute efforts to salvage some finances by selling the 1,100 patents that it owns. If it is able to sell those patents, it will definitely buy some more time for Kodak but the shutting down seems imminent. The company is well known for some great inventions in not just the photography industry but also the printing and movie making industries. They were the ones who first invented the digital camera in 1975 which revolutionized the way photographs were taken. After that they brought many other products like instant photo printer, high resolution digital cameras and so on. They were in the 60s – 80s what Apple, Google, and Microsoft is for the today’s business. They could just couldn’t do anything wrong.
However things started taking a turn for the worse 10 years back with a lot of inventions and competition from Japan and other countries coming in. The ineptitude that Kodak showed in responding to the competition made matters just worse.
Kodak shares fell to 47 cents and down by 28% after news broke out that Kodak will be filing for bankruptcy. This indeed is the beginning of the end to a glorious 131 year old journey.