Kodak likely to file for bankruptcy
Kodak, one of the world’s most recognisable suppliers of film and photographic products, is likely to file for bankruptcy within the next few weeks. The company has had its share of problems since foreign competitors entered the market in the 1980s, but more recently the growth of digital photography has had a big impact.
We had this self-imposed opinion of ourselves that we could do anything, that we were undefeatable.
Robert Shanebrook, former Kodak employee
Kodak’s long history at the pinnacle of the photographic industry makes its decline particularly sad, especially as it was regarded by many as the Google or Apple of its time. Former employee Robert Shanebrook told The Wall Street Journal: “We had this self-imposed opinion of ourselves that we could do anything, that we were undefeatable.”
Consumer and commercial printing equipment has been Kodak’s main focus since 2005, but it hasn’t prevented the firm losing money almost every year since. The company is still trying to sell off its patent portfolio, which could help it avoid bankruptcy, but management is reportedly preparing for the worst.
(Image copyright: Thomas Belknap)
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