Eastman Kodak Co, the photography icon that invented the hand-held camera, has filed for bankruptcy protection and plans to shrink significantly, capping a prolonged plunge for one of America's best-known companies.
The Chapter 11 filing makes Kodak one of the biggest corporate casualties of the digital age, after it failed to quickly embrace more modern technologies such as the digital camera -- ironically, a product it invented.
The bankruptcy may give Kodak, which traces its roots to 1880, the ability to find buyers for some of its 1,100 digital patents, a major portion of its value. Kodak now employs 17,000 people worldwide, down from 63,900 just nine years ago.
Had it not been for this company I doubt that we'd have the quality of photographs we have today. Kodak set the bar high both for print and slide photos that many companies still strive to meet today. I've little doubt that this is the first of many companies that will falter in the " immediate demanding" word in which we live.
The Chapter 11 filing makes Kodak one of the biggest corporate casualties of the digital age, after it failed to quickly embrace more modern technologies such as the digital camera -- ironically, a product it invented.
The bankruptcy may give Kodak, which traces its roots to 1880, the ability to find buyers for some of its 1,100 digital patents, a major portion of its value. Kodak now employs 17,000 people worldwide, down from 63,900 just nine years ago.
Had it not been for this company I doubt that we'd have the quality of photographs we have today. Kodak set the bar high both for print and slide photos that many companies still strive to meet today. I've little doubt that this is the first of many companies that will falter in the " immediate demanding" word in which we live.
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