Have you heard the big news? Kodak - the company which invented the hand-held camera and helped bring the world the first pictures from the Moon, has filed for bankruptcy protection in the United States and expects to complete a restructure next year. The news all over the papers says that here is a
risk that the company could close down after 130 years in business.
Kodak once dominated its industry, but it failed to quickly embrace more modern technologies such as the digital camera - a product it invented. Its downfall has already hit its Rust Belt hometown of Rochester, New York, with employment there falling to about 7,000 from more than 60,000 in Kodak's halcyon days.
In recent years, Kodak's focus leaned more towards consumer and commercial printers and failed to catch up with now the industry leaders - Nikon and Canon.
This is really sad to know, as Kodak has been a household name we have all been accustomed to hearing while growing up. It did capture a lot of our special moments back in the days when film rolls were the "in" thing in photography, too bad they didn't go sooner with the flow of digital technology, and when they did, they were too late. The photography industry giants already took most of Kodak's then market share.
I wonder what's next for this photographic pioneer. Let's hope they can come up with a rescue solution for a business turnaround.
Credits: ABC News
