This hit the morning hot news at the investment firms.
Kodak files for Chapter 11. The once mighty Eastman Kodak (EK) has filed for bankruptcy protection, and has obtained a $950M, 18-month credit facility from Citigroup that will enable it to continue operating during Chapter 11 and pay its 17,000 workers. Despite inventing the digital camera, the 130-year-old photographic pioneer failed to fully take advantage of its patented technology, which is used in almost every smartphone and tablet, as well as in virtually all digital cameras
The filing says Kodak had been an investor in lucky film, which it sold it's share off between 2003 and present. Sounds like they don't have much hope for their core business of film.
Page 14 states "One of the businesses in which Kodak invested heavily was consumer inkjet. The consumer inkjet business runs on the “razor/blade” model – profits are not made on the sale of the printers, but on aftermarket sales of ink and other consumables. Kodak can only expand its market share, and create a market for the highly profitable ink,..."
Sound like they are still betting on people printing out photos in the online age.
The document repeatedly blames the slow film and inkjet sales on the financial crisis, not their business choices or not understanding people don't need to print lots of photos.
Sucks. But we knew it was coming. Sigh...
Yup... it looks like it really happened. Good luck to Kodak!
11, Not 13!
I steal time at 1/125th of a second, so I don't consider my photography to be Fine Art as much as it is petty larceny.
Meeting people for a drink tonight, bet the bars will be busy. Maybe we can pelt Perez's Bentley when it drives down Monroe Avenue? Or insult his servants at the Gucci Wegmans?