Written by on Jan 19, 2012. Posted in General Interest

Warning signs become reality as Kodak files for bankruptcy

The warning signs have been around for a while, but Eastman Kodak has finally filed for bankruptcy protection. Over the past few weeks and months the iconic photographic products company has been trying to sell its patents portfolio, but clearly this has not been enough.

The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak.

Antonio Perez, Kodak

Antonio Perez is Kodak's Chairman and Chief Executive: "The board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak."

Kodak’s decline has been partly attributed to the rapid growth of the digital market and the gradual rise in international competition since as far back as the late 1980s.

(Image copyright: Thomas Belknap)