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Kodak Files For Bankruptcy Protection 190

Posted by Soulskill
from the hanging-on-for-another-moment dept.
Snirt writes "Following up on a story previously discussed here, it now appears Eastman Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection. The move, according to Kodak's news release, gives the company time to reorganize itself without facing its creditors, and Kodak said it would mean business as normal for customers. The company has recently moved away from cameras, focusing on making printers to stem falling profits."
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Kodak Files For Bankruptcy Protection

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  • by PlatyPaul (690601) on Thursday January 19, 2012 @10:12AM (#38747376) Homepage Journal
    Wrong, wrongity wrong wrong.

    They tried [kodak.com] going [kodak.com] digital [kodak.com].

    They were just too late.
  • by cabjf (710106) on Thursday January 19, 2012 @10:20AM (#38747454)
    Kodak suffered under extremely poor management for at least the last two decades. The refusal to change with the times (like trying to shelve digital cameras to protect film sales) and selling off their profitable departments (like medical imaging) for short term gains have left them with almost nothing of value. I'm not sure how much of what is left is worth restructuring. At this point, creditors, shareholders, and retirees might be better off with a liquidation sale.
  • by gstoddart (321705) on Thursday January 19, 2012 @10:23AM (#38747488) Homepage

    Who prints anything at home these days, anyway? Especially photos....

    Printing and photocopying we actually do in our house ... expense reports and other things like that being the main driver. Not daily, but often enough.

    Photos, I've been convinced for the last few years isn't cost effective to print ... you can get prints at an actual photo place for so cheap now, you couldn't buy the ink and paper for what it would cost you. I think the last time I got prints it was about 7 cents/print.

    However, the last two photo printers we had were Kodak ... and they were absolute crap. One failed and got replaced within a month or so, and its replacement died a similar way. It was cheaply made, worked poorly, and didn't last very long. We pretty much decided we'd never buy another Kodak product again.

    So, Kodak's demise may have been coming for years ... but in the end, I blame the quality of their consumer products. They were trying to compete on the bottom end, but in the end, it was just a race to the bottom.

  • by NicknamesAreStupid (1040118) on Thursday January 19, 2012 @10:59AM (#38747870)
    The post is misleading; there is no Eastman Kodak. Kodak filed for bankruptcy. Eastman is doing fine - http://www.eastman.com./ [www.eastman.com] They split in 1990.
  • Re:Kodak's Moment (Score:5, Informative)

    by squidflakes (905524) on Thursday January 19, 2012 @11:30AM (#38748184) Homepage

    Kodak invented the digital camera, so it is a bit false to claim that they had no expertise in the field. Where they went wrong was trying to protect their film business by sacrificing their early lead on development and licensing out the technology.

    If a longer vision had prevailed at Kodak, people with Nikon and Canon cameras might be wistfully longing that they could afford one of the big boy Kodak cameras.

  • Karma is B*tch (Score:5, Informative)

    by TheBouncer2006 (978273) on Thursday January 19, 2012 @11:33AM (#38748214)

    Once George Eastman died Kodak began its death knell...

    Kodak for many years was not profitable the big trend in the 1990's was to Layoff and fire a bunch of fulltime workers in the 3rd and 4th quaters right around July & August (just in time to save on paying out vacation pay) and then again around November to December up to 1 week before Christmas. I know this because I watched peoples parents who worked 15, 20, 25, and 30 years at the company get pink slips for no reason. Then right after the new year 1st quater they would bring in thousands of temp workers to backfill those jobs. Meanwhile this made their stock float and made them look profitable since a company profits are determined by sales - costs . So by lessing the payroll they more or less fudged their profitability for years. Look back at all the layoff annoucements they always happened in the 3rd and 4th quaters of the year just in time to give the stock a bounce in the new year.

    Additionally Kodak workers in the Rochester are were very loyal they bought only Kodak Cameras and anything else that was Kodak. Years ago they had employee suggestion boxes where if employees made a suggestion that benefitted the company, a refinement to an assembly line, a better way to product something, a new product an employee could write in the suggestions and in turn if it helped make the company more money by cutting costs or creating new streams of revenue the employee would see a percentage bonus in their pay based on the amount of money that idea generated. I know many people whos parents and grandparents got monetary awards from this program. However by the 1990's Kodak managers would just take your ideas as theirs and the monetary award system was ended. They became greedy

    Also over the years within a few square miles of Kodak Park was a cluster of kids coming down with rare cancers, http://www.nytimes.com/1998/03/02/nyregion/rochester-parents-fret-and-sue-over-cancer.html [nytimes.com] This is also a MUST READ http://www.coldtype.net/Assets/pdfs/17.Nim.May27.pdf [coldtype.net]

    in this same area people were reporting strange odors, animals becoming sick and dying, weird residue on their cars and homes, and odd fluids seeping up in their basements. One of the famous areas was Rand Street. Kodak was sued and they ended up paying out an undisclosed amount to owners of some of the Rand Street Homes. Kodak was sued multiple times for illegal dumping, fined multiple times by the EPA for being out of compliance with their factory exaust stacks. However the EPA was up and down with them while they went against them on some things they backed them on others. It wasnt until the 1990's the EPA started cracking down on them. Prior to that they turned a blind eye to what they were doing.

    However they still continued to pollute the rochester region. Eastman Chemical which was part of Kodak until spun off had experimental chemicals inside of it that no one even know what they would do if they ever escaped the drums they were being stored in and because they were deemed "experimental" they did not have the same precautions and established handling procedures as known chemicals which carry MSDS sheets etc. Toulene, Benze, TCE you name it they had it.

    The management became a complete joke you had managers managing managers, managing managers they made the same mistake that Xerox did. Too many inexperienced or burned out chiefs and not enough Indians. The 1990s caused part of this issue with the EOE b.s. many times fully qualified caucasian workers were passed up for job promotions, management positions and so forth especially males. If you were Latino, African American, or Asian or had a certain sexual preference you would get promoted to the top in no time even if you didn't knw how to do the job or have a college background or experience in it. Xerox did the same thing. They were both paranoid of dis

  • by McGruber (1417641) on Thursday January 19, 2012 @12:40PM (#38749014)

    If photographers still see value in what Kodak offers then why aren't they buying their product?

    I would be buying, but Kodak discontinued production of their wonderful Kodachrome-25 way back in 2001. Worse, the quality of the processing declined back in the late 90s.

  • by Anonymous Coward on Thursday January 19, 2012 @02:51PM (#38751150)

    There is no union at Kodak. They have historically treated their employees well enough that there was not a need for one.

Uncompensated overtime? Just Say No.

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