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How Kodak went from film giant to facing financial peril
Fox Business· 2025-08-13 16:15
Core Viewpoint - Kodak, once a leader in the photography industry, is facing significant challenges that may lead to its permanent shutdown due to financial instability and inability to adapt to technological changes [2][4]. Company History - Kodak was founded in the late 1880s by George Eastman, who invented a dry plate formula and patented a machine for preparing large numbers of plates, revolutionizing photography [4][6]. - The introduction of the Kodak camera in 1888, which was preloaded with film for 100 pictures, made photography accessible to the masses [8][10]. - Kodak invented the world's first digital camera in 1975 but failed to embrace digital technology, fearing it would harm its film business, which contributed to its decline [10][12]. Financial Situation - Kodak has expressed "substantial doubt" about its ability to continue operations, as indicated in a recent SEC filing [2][3]. - The company has significant debt obligations due within 12 months but remains confident in its ability to manage and refinance its debts [3][12]. - Kodak filed for bankruptcy in 2012 and has since closed, sold, or spun off parts of its consumer imaging portfolio, shifting focus to commercial printing and technology [15][16]. Current Operations - Currently, Kodak's business model focuses on business solutions while still manufacturing films and chemicals [16]. - The company has attempted to revive its brand through various marketing and partnership agreements, including collaborations with fashion retailers [17].
Kodak says there's 'substantial doubt' it can stay in business
Fox Business· 2025-08-12 18:05
Group 1 - Kodak has announced "substantial doubt" about its ability to continue operations, as stated in a recent SEC filing [1][3] - The company plans to address its financial obligations by utilizing funds expected from its pension plan, aiming to pay off some debt and preferred stock [2] - Kodak's plans to refinance its remaining debt and preferred stock obligations are considered unreliable under U.S. accounting rules, raising concerns about its business viability [3] Group 2 - Kodak was a pioneer in film photography, dominating the market for much of the 20th century and controlling over 80% of the U.S. film market at its peak [5] - The company's failure to adapt to digital photography led to the collapse of its core business, struggling against competitors like Canon, Sony, and Nikon [8] - After filing for bankruptcy in 2012, Kodak emerged in 2013 but has not regained its former market dominance, shifting focus to commercial printing and technology [11]