Eastman Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection.
The company has recently moved away from cameras to focus on making printers, to try to stem its losses.
The 133-year-old firm has struggled to keep up with competitors who were quicker to adapt to the digital era.
Rupert Goodwins, editor of the ZDNet web site said, “Kodak made all its money from selling film, then the digital camera came along and now no-one’s buying film. It’s not like they didn’t see it coming. Kodak hesitated because they didn’t want to eviscerate their business”.
The move gives the company time to reorganise itself without facing its creditors, and Kodak said that it would mean business as normal for customers.
Sourced by Roy W. Nash