USA Today reports that the iconic Eastman Kodak filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code today. Rumors of its demise had been circulating for some time as it has been running short of cash and unable to sell 1,100 digital imaging parents that could have rescued it.
Kodak invented the handheld camera and, at its height, employed 130,000 people worldwide, but it has struggled to adapt to the digital revolution. Michael Hilzik of the Los Angeles Times says:
“Kodak executives didn’t always make the best decisions, but Kodak’s basic problem was that its expertise in making photographic film didn’t transfer to digital photography, and even stand stand-alone digital cameras are giving way to iPhones and other electronic gadgets.”