Kodak kills its digital camera business
Kodak is to stop making digital cameras, pocket video cameras and digital picture frames as its parent company attempts to cut costs after a turbulent few months financially.
In January, Eastman Kodak Company filed voluntary petitions for chapter 11 business reorganisation with a bankruptcy court in the US.
The move, which essentially saw Kodak entering a protected period and taking credit of $950 million, was seen as the last throw of the dice for a legendary brand that is firmly on its death bed.
The camera and printer company, established in 1892, has been feeling the financial strain for several years. Despite its being an early pioneer of the digital camera, many believe its focus on film and the budget side of the compact camera market has contributed to its decline.
Described by the company as the "logical decision", the move to scrap the digital camera business is a sad state of affairs for a brand so steeped in camera history. It follows the decision to sell its image sensor division in November last year.
Three-quarters of all Kodak's revenue came from digital but it will now focus on licensing its technologies, as well as continuing the online and retail photo printing services it provides. The company also makes desktop printers.
Kodak had previously tried to sell off its patents to avoid bankruptcy, but failed to gain any interest. Sad days indeed for one of the most recognisable brands in photography.