From The Financial Times:
Eastman Kodak’s long battle to remake itself for the digital age ended in failure early on Thursday morning as the company that was instrumental in turning photography into a popular pastime filed for bankruptcy.
The 131-year-old company said that it had filed for protection under Chapter 11 of the US bankruptcy code, along with its US subsidiaries, but that units elsewhere were not affected by the action and would continue to meet their obligations to suppliers. The move gives the company protection from its creditors while it seeks to reorganise its finances and is intended to result in a reorganisation of the US operations in 2013, Kodak said.
In a statement issued in the early hours of Thursday morning, Antonio Perez, chairman and chief executive, said the company now generated 75 per cent of its revenue from digital businesses.
However, its overall sales have collapsed faster than it has been able to replace them with new businesses, and successive rounds of cost-cutting have failed to bring costs down fast enough to keep pace with its shrinking operations. Mr Perez said that Kodak had shed 47,000 jobs and closed 13 manufacturing plants and 130 processing labs since 2003.
Wow, who would have ever imagined Kodak going bankrupt? The industry standard since the film industry began. Now they are suddenly out in the cold after technology changed. It's the classic horse and buggy blacksmith scenario. Learn to fix cars or go out of business.