"It’s no exaggeration to say Kodak invented digital photography. In 1975 Kodak engineer Steve Sasson created the first digital camera, which took photos with 10,000 pixels, or 0.01 megapixels — about a hundredth of the resolution that low-end cameraphones have today. Kodak didn’t stop
there; it worked extensively on digital, patenting numerous technologies, many of which are built into the digital cameras of today. (Kodak’s primary asset is its intellectual property, which some estimates value at $2 billion.)
This is what our marketing-speak to plain english translator says. Quote from Kodak's press-release:
" These actions, which the company has already begun, include more tightly focusing its portfolio of investments, intensifying its emphasis on generating cash, and further streamlining its cost structure. Additionally, today the company announced that where permissible by law its executives would not receive a salary increase in 2009 and that it would temporarily suspend for 2009 the company’s U.S. 401(k) match. Based upon the current outlook, company management also does not expect a payout
"Kodak has succumbed to its financial pressures and filed for Chapter 11 business reorganization in New York. The iconic photography company isn't dead yet, however, just very broke."
Is Kodak aware that people are writing eulogies left and right? Is the company even aware of its death? No, not really, according to them they are 'restructuring' and 'focusing on core strategies' and 'enforcing the transformation to an all digital company' and stuff like that. Kodak, welcome to the purgatory, Agfa and Polaroid will be your guides.