After months of speculation, Kodak came forth in January of this year to announce that they would be declaring bankruptcy. This didn’t come as much of a surprise considering the emergence of high powered cameras phones that decrease the need for low-mid range cameras which Kodak typically specializes in. However, while it wasn’t much of a surprise it is a bit of a shocker given the fact that Kodak has been around for well over 100 years becoming a household name along the way.
Luckily, declaring bankruptcy wouldn’t spell the end for Kodak as they announced that they would be doing everything they could to restructure their business and return it to greatness. Unfortunately today comes yet another major blow; Kodak has officially announced that they will be ceasing production of any and all cameras. This move will reportedly save them a hefty $100 million a year which will help them restructure and return to profitability.
Moving away from cameras, Kodak will focus most of their attention on their printer business which is still very alive and well. While this may very well be what Kodak needs to survive it’s a bit saddening to see such an iconic company fall to its knees. Here’s to hoping for a bright and fruitful future for Kodak.