Eastman Kodak files for bankruptcy

The Kodak moment is broken. The company that invented modern photography and practically held a monopoly in film photography and camera sales for decades in the United States filed for bankruptcy protection today. Protection under Chapter 11 will allow Kodak to stay afloat, with help from a Citigroup loan, while it sells over 1,100 patents and likely trims its staff of 17,000. Eastman Kodak Co., founded by George Eastman in 1880, has been struggling since the 1990s with the advent of digital photography. It has not been profitable since 2007. In only nine years, Kodak has laid off 46,900 employees.

Reuters