Kodak has pushed photography to the mass market, but now the focus of the mass photography market has shifted elsewhere.
Source: Century supplier
American old camera pioneer Eastman Kodak, who brought photography to the public, filed for bankruptcy earlier today after years of failing to keep up with the pace of the digital age.
"The board and the entire senior management team agree that this is a necessary step and the right approach for Kodak's future," CEO Antonio Perez said in a statement . ".
"Our goal is to maximize value for stakeholders including our employees, retirees, creditors and pension trustees.
"We are also committed to working with our valued customers," he added . ".
The company said it had sufficient liquidity in Chapter 11 bankruptcy proceedings to continue its normal operations and pay wages to its employees.
It added that its foreign subsidiaries were not subject to the proceedings.
Rochester hotels in New York-
The US-based company dates back to the 1880 s, leading the way in popularizing cameras, video-casting machines and home videos that preserve the memories of generations of Americans.
But in the age of digital cameras, it has been struggling, and years of poor performance have forced it to fire 47,000 employees since 2003, shutting down 13 manufacturing plants and about 130 processing laboratories.
"Now, we have to address our cost structure further and effectivelycore IP (
Intellectual Property)
"Perez said.
"We look forward to working with our stakeholders to build a world of excellence --
Digital imaging and materials science.
"Filing for bankruptcy raises questions about the work of Kodak's remaining 19,000 employees.
At a height of 1980, it has 145,000 workers.
Earlier this month, the New York Stock Exchange told Kodak
Once one of the legendary Top 30 Dow Jones blue chip stocks
If it can't restore its share price to more than $1, it will face delisting from the exchange. 00 per share.
In 2004, the index fell from the famous Dow Jones industrial average (Dow Jones industrial average) to 30 top U. S. companies.
Kodak's share price in the heyday topped $80 in 1996. -
Just at the beginning of the digital photo revolution, this revolution eventually lifted consumers from the need to buy Kodak film, which was once a virtual monopoly in the US market.
Kodak's books have been filled with red ink for years.
The last reported net profit was a small increase in 2007.
Kodak, officially founded in 1892 by inventor George Eastman, has developed handheld "Brownie" cameras that are sold at popular prices and offer the film to consumers for decades
Three generations of Americans and many others have learned to take photos of themselves with brownie cookies, when the company was hailed as one of America's top innovators --
Apple or Google at the time.
Kodak moment"
The company's movie advertising slogan
Deep rooted in the United States.
NASA's lunar orbiter in the 1960 s brought back some of the earliest lunar surface images on Kodak film, and the first astronauts to walk on the moon recorded their historical adventures in shoe boxes.
Dimensions of Kodak camera
Kodak also offers films for countless Hollywood films including 80 Oscars.
According to the company's website, the company won "the best picture," which said it won nine Oscars for excellence in science and technology.
The company pioneered digital photography research starting in the medium term. 1970s.
But it was the Asian manufacturers who stole the market in 1990 seconds because Kodak did not realize the need to break the old business route.
In September, Kodak hired Jones Day, a law firm, as a restructuring consultant, although many analysts pointed out at the time that the firm also advised on bankruptcy.
Perez, six years old.
During the year as CEO, the former HP executive tried to shore up Kodak's finances by selling some of Kodak's huge patent portfolios and developing its printer range.
The current plan requires restructuring the company with the help of Citigroup's $0. 95 billion credit loan to be in a more competitive position at some point in 2013.