kodak files for bankruptcy
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Kodak files for bankruptcy

Arab Today, arab today

Arab Today, arab today Kodak files for bankruptcy

New York - AFP

US camera pioneer Eastman Kodak, which brought photography to the masses over a century ago, filed for bankruptcy early Thursday. "After considering the advantages of Chapter 11 at this time, the Board of Directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak," CEO Antonio Perez said in a statement, referring to US bankruptcy proceedings. "Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, and pension trustees. We are also committed to working with our valued customers," he added. The company, which dates back more than a hundred years, was a pioneer in popularising photography. But it has been struggling to keep pace with the digital age and years of poor performance had already forced it to lay off 47,000 employees and close 13 manufacturing plants since 2003. "Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets," Perez said. "We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company." In its heyday Kodak shares topped $80 in 1996 -- just at the outset of the digital photo revolution that eventually replaced the need for consumers to buy Kodak film, once a virtual monopoly in the US market. The bankruptcy filing places the jobs of Kodak's 19,000 remaining employees in question. At its height in the 1980s, it had 145,000 workers. Kodak's books have been awash with red ink for years. The last time it reported a net profit was a small gain in 2007. Founded in 1892 by inventor George Eastman, Kodak developed handheld "Brownie" cameras that were sold at popular prices and furnished the film that would keep consumers pumping profits into the company for decades. Three generations of Americans and many in other countries learned to snap photos with Brownies. And "Kodak Moment", the company's advertising catchphrase for its film, was embedded deep into the vernacular. The company meanwhile was lauded as one of the country's top technology innovators -- the Apple or Google of its time. Ironically, it pioneered research into digital photography beginning in the mid-1970s. But it was Asian manufacturers that stole a march in that market in the 1990s as Kodak failed to see the need to break from its old business lines.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kodak files for bankruptcy kodak files for bankruptcy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kodak files for bankruptcy kodak files for bankruptcy

 



GMT 13:29 2018 Friday ,14 December

Turkey targets military over alleged Gulen links

GMT 21:31 2015 Thursday ,21 May

4 killed as UN compound in South Sudan bombed

GMT 23:01 2017 Friday ,24 November

Sit-in damages country’s image abroad: Ahsan

GMT 20:57 2017 Monday ,30 October

Sports min. met with Cameroonian counterpart

GMT 09:56 2017 Wednesday ,15 February

Smartphone maker Huawei catching up on Samsung, Apple

GMT 04:04 2017 Monday ,10 April

Janet Jackson splits from Qatari husband

GMT 11:48 2017 Wednesday ,18 January

Rivaldo agrees to join Barcelona "Legends" project

GMT 16:22 2017 Wednesday ,20 September

Boxer Tyson Fury urges UK Anti-Doping

GMT 17:58 2017 Wednesday ,15 March

BNA takes part in GCC meeting

GMT 09:18 2017 Sunday ,28 May

Dozens dead in Afghanistan violence

GMT 08:54 2017 Friday ,05 May

As House passes Obamacare repeal

GMT 04:48 2017 Sunday ,19 February

‘White Helmets’ makers get visas for Oscar
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday