Jan 19, · Eastman Kodak announced early Thursday that it has filed for protection from its creditors under Chapter 11 of the U.S. bankruptcy code. The filing was made in U.S. bankruptcy . Jan 19, · Eastman Kodak, the year-old film pioneer that has been struggling for years to adapt to an increasingly digital world, filed for bankruptcy protection early on Thursday. The American legend had tried a number of turnaround strategies and cost-cutting efforts in recent years, but the company — which since has reported only one full. Sep 03, · ROCHESTER, N.Y. — When Antonio Perez became CEO of Eastman Kodak Co. in , the board wanted three specific things: restructure its traditional film business, create a new company, and take.
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While Kodak stagnated and ultimately stumbled, Fuji aggressively explored new opportunities, creating products adjacent to its film business, such as magnetic tape optics and videotape, and branching into copiers and office automation, notably through a joint venture with Xerox.
The right lessons from Kodak are subtle. Companies often see the disruptive forces affecting their industry. They frequently divert sufficient resources to participate in emerging markets. Their failure is usually an inability to truly embrace the new business models the disruptive change opens up. Kodak created a digital camera, invested in the technology, and even understood that photos would be shared online. Where they failed was in realizing that online photo sharing was the new business, not just a way to expand the printing business.
So, if your company is beginning to talk about a digital transformation, make sure you ask three questions:. Kodak remains a sad story of potential lost. The American icon had the talent, the money, and even the foresight to make the transition. Instead it ended up the victim of the aftershocks of a disruptive change. The American legend had tried a number of turnaround strategies and cost-cutting efforts in recent years, but the company — which since has reported only one full year of profit — ran short of cash.
McCorvey, said in a court filing on Thursday. Kodak plans to continue operating normally during bankruptcy. The company will also seek to continue selling a portfolio of 1, digital imaging patents to raise cash for its loss-making operations.
Kodak has become the latest giant to falter in the face of advancing technology. The Borders Group liquidated last year after having failed to gain a toehold in e-books, while Blockbuster sold itself to Dish Network last year as its retail outlets lost ground to online competitors like Netflix. But it has suffered from a variety of problems over the last four decades. Kodak said that its non-American subsidiaries were not part of the filing. They were competing, just like everyone else.
Kodak came out of the bankruptcy and still exists today, but now they deal with other technologies even blockchain. Their revenues are much smaller and they still struggle. But as Company Man says, maybe we can just watch them as a giant who revolutionized the photography industry and led it for 10 years. What they did best was no longer needed. I agree, is a shame that Kodak started making consumer digital camera much earlier than Fuji. They also ruled film in the radiology industry.
Around the same time digital cameras were taking the place of film cameras, radiology departments started going digital as well. Kodak went the route of creating and selling film scanners film to digital converters but failed to take hold of actually making the X-Ray, CT, MRI equipment that was now digital.
Typical American company upper management narrow-mindedness. GM and Chrysler are similar examples. Companies are started by engineers, then they are run by marketing, then they are run by finance, then they are run by lawyers.
Kodak lived and died a natural death that took years. Sure, they still exist as a shadow of its former self. Only pundits and hindsight analysts think they can.. Dunja Djudjic is a writer and photographer from Novi Sad, Serbia.