How sad to learn that the pioneering photography company that is more than a century old is now bankrupt. Bloomberg reports that Eastman Kodak has filed for bankruptcy.
It’s ironic that Kodak’s demise is due to its own invention – digital cameras – which it has failed to commercialise.
Citigroup Inc. is providing a loan to Kodak so that it can operate during bankruptcy. Kodak reportedly plans to sell “significant assets’ during the bankruptcy.
The company has retrenched 47,000 employees since 2003.
According to The Citizen, the bankruptcy is unlikely to affect either its consumer or commercial operations and products in South Africa any time soon.