Friday, January 20, 2012

After 122 years, Kodak filed for bankruptcy

The pioneer in the world of photography is now closing down after being left out.

Eastman Kodak Company or simply Kodak, filed for Chapter 11 last January 19. 2012. In a statement released  by Chairman and Chief Executive Antonio Perez "This is a necessary step and the right thing to do for the future of Kodak,"

Kodak once dominated the world of photography in the U.S, and became a multinational company. Due to strong competition and fast phase innovations in modern technologies like digital cameras and cellphones, Kodak company had a hard time catching up.  

The company clarifies that, all non U.S. base,  are not included in the bankruptcy issue. They are planning to sell some assets and will wrap up on 2013.

Kodak is still manufacturing their products and doing business in 3 continents Europe, Africa and Asia.

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