U.S. Legendary Pioneers cameras, Eastman Kodak finally registering for kodak bankrupt protection. Companies that have more than a century old enrolled Chapter 11 bankruptcy protection after struggling desperately.
“After considering the advantages Chapter 11 at this time, the Board of Directors and the entire senior management team unanimously believe that this is an important step and do the right thing for the future of Kodak,” said Antonio Perez CEO of Eastman Kodak in a statement about kodak bankrupt quoted by AFP , Thursday (19/01/2011).
“Our goal is to maximize value for stakeholders, including employees, retirees, creditors and pension funds. We are also committed to working with our valued customers,” he added.
Kodak, a company that was more than 100 years of pioneering photography industry is phenomenal. But Kodak had to struggle amid the digital age and poor performance. So far Kodak bankrupt is laying off 47,000 employees and close 13 factories since 2003.
“Now we have completed the transformation with emphasis on structure and cost effectively monetize non-core IP assets,” said Perez. He added, Kodak in collaboration with stakeholders will strive to turn into a digital photo company and a world-class materials science and more slender.
In its heyday, Kodak stock had penetrated U.S. $ 80 per share in 1996, shortly after the advent of the digital photo revolution, which eventually replace the need for consumers to buy film from Kodak.
Kodak bankrupt is the fate of 19,000 employees makes Kodak adrift. In its heyday in the era of the 1980s, Kodak has recorded 145,000 workers. In recent years, Kodak continues to lose money. Last time, Kodak reported a slight net profit in 2007.
Kodak was founded by George Eastman in 1892. Kodak developed a camera ‘Brownie’ is very popular. Three generations in America and some countries make photos with ‘Brownie’ is. Ad “Kodak Moment” is also very popular in its heyday.
But the glory was undermined by the discovery of digital photography, which is mainly produced by manufacturers from Asia in the era of the 1990s. Kodak bankrupt, and is not making innovations ultimately fail to survive the global competition.