Kodak’s end: iconic, loved and bankrupt

Eastman Kodak, the company which produced the first handheld camera, finally gave in to the inevitable this week as they filed for bankruptcy protection.

Kodak were in part the architects of their own demise- the company invented the first digital camera in 1975 but failed to market this new technology as Asian competitors such as Sony and Cannon leaped ahead in the 90s.

At the height of its success the 133 year old company captured 90% of the US film market and was one of the world’s most lucrative brands. In its 1980s heyday, Kodak employed 145,000 people; but at it’s end employed just 19,000 workers. It is not known what will happen to these employees during the reorganization. Kodak’s downfall has its roots in its own success; its past performance made it resistant to change. The company thought new digital technology would alienate its film business.

Bankruptcy protection will give the firm time to reorganise itself and will mean creditors do not have to be faced at the moment. Kodak said it will continue business as usual for its customers. The company has now moved away from cameras to focus on making printers in an attempt to cut losses.

What do you think Kodak did wrong?

Are there lessons we can all learn from Kodak?