The Wall Street Journal reports that Eastman Kodak Co. “is preparing to seek bankruptcy protection in the coming weeks, people familiar with the matter said, a move that would cap a stunning comedown for a company that once ranked among America's corporate titans.
“The 131-year-old company is still making last-ditch efforts to sell off some of its patent portfolio and could avoid Chapter 11 if it succeeds, one of the people said. But the company has started making preparations for a filing in case those efforts fail, including talking to banks about some $1 billion in financing to keep it afloat during bankruptcy proceedings, the people said.”
The irony, the Journal notes, is that Kodak actually “invented the digital camera—in 1975—but never managed to capitalize on the new technology.”
“The 131-year-old company is still making last-ditch efforts to sell off some of its patent portfolio and could avoid Chapter 11 if it succeeds, one of the people said. But the company has started making preparations for a filing in case those efforts fail, including talking to banks about some $1 billion in financing to keep it afloat during bankruptcy proceedings, the people said.”
The irony, the Journal notes, is that Kodak actually “invented the digital camera—in 1975—but never managed to capitalize on the new technology.”
- KC's View:
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Whatever happens, Kodak is a classic case of a company that had its eyes closed to the possibilities, challenges and opportunities available to it...falling behind the technology wave rather than riding it.
There is an anecdote in the WSJ story that I’d never heard before, that just seems ironic considering the company’s current travails...
Kodak's founder, Mr. Eastman, took his life at the age of 77 in what is now a museum celebrating the founder and Kodak's impact on photography. His suicide note read: ‘To my friends, my work is done. Why wait?’
The lesson, quite simply, is this:
The work is never done.
