Earlier this year, Kodak filed for Chapter 11 bankruptcy, announced its plans to exit the camera business and focus on printing, ink and film. Buried under debt, Kodak's now announced its future will no longer include film, the very item that made it a household name.
It's a sad day for photographers who love to shoot with film. Kodak is looking for a buyer to snatch up its entire traditional camera film, retail photo-printing labs and kiosks business divisions.
The Kodak brand as we've all come to know it is now officially kaput.
Kodak CEO Antonio Perez said the company made the tough decision to offload its film business in order to bring it back to profitability. CNN Money reports that Kodak has at least $6.75 billion worth of debt and assets that are only worth about $5.1 billion. The company is also in the middle of seeking damages from Apple over infringing patents related to digital imaging in the iPhone.
But all is not lost. Kodak says it will look for a suitable buyer who will continue to carry on film's legacy.
"We remain steadfast in our commitment to our customers, and we will work to ensure that they continue to receive the exceptional levels of quality and service they have come to expect from Kodak. Customers remain the top priority of all our businesses — those we intend to sell and those that will remain part of Kodak," Perez said."