“Eastman Kodak Co, the bankrupt inventor of the hand-held camera, plans to stop making digital cameras, pocket video cameras and digital picture frames in the first half of 2012 in a bid to cut costs,” Reuters reports. “The move marks the end of an era for Kodak, which is seen as one of the biggest corporate casualties of the digital age, after it failed to quickly embrace modern technologies such as digital photography, a product that it also invented.”
“The company, which filed for bankruptcy protection last month, said on Thursday that the move would result in ‘significant’ job losses at the business, which employs 400 people most of whom are based in Rochester, New York,” Reuters reports. “Kodak will take a charge of about $30 million to leave the business. It expects the exit to generate more than $100 million in annual operating savings. Kodak has not disclosed its employee numbers since the end of 2010 when it announced that it had a work force of 18,800 employees.”
Reuters reports, “The company, which generates three-quarters of its revenue from digital, plans to instead focus on seeking licensees to expand its brand licensing program. It plans to continue to offer online and retail photo printing, and desktop printers.”
Read more in the full article here.
MacDailyNews Take: We knew it was coming, but still… wow.
Related articles:
Apple claims ownership of digital photography patents asserted by Kodak – January 20, 2012
Kodak files for bankruptcy, secures $950 million lifeline – January 19, 2012
… and buggy whips.
Another classic example of a business that failed to understand the market and technology.