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19 Jan 2012 13:56

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Biz: More on Eastman Kodak’s filing for bankruptcy protection

  • 131 years in the making: As we mentioned a couple weeks ago, the former film titan, whose  business put cameras in the hands of millions of people, now enters a new phase in its long history, bankruptcy proceedings. New York Governor Andrew Cuomo called it “difficult and disappointing news,” which is understandable; their company was headquartered in Rochester, NY. Since 2003, Kodak has laid off about 47,000 employees, and now in bankruptcy protection their already weak stock price has plummeted to 34 cents per share. If you want to get really depressed about this story, read Alexis Madrigal’s great piece on the company’s historysource

04 Jan 2012 21:07

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Biz: Kodak may soon file for bankruptcy

  • The end of an era: According to sources reported by The Wall Street Journal, the Eastman Kodak company sits on the verge of Chapter 11 bankruptcy, and is expected to file within the next couple weeks. Once a colossus in the world of film, advancements in digital technology inevitably hurt the company’s profits, straining an outdated business model; they’ve failed to turn a profit five of the last six years. Kodak employs about 19,000 people, and has heavy responsibilities to retirees — this is certainly not what the private sector job market needs right now. (Photo courtesy of alf sigarosource