In a statement posted on the Kodak Web Site under the title “Update on Kodak’s Transformation,” the company announced that it will cease producing digital cameras, pocket video cameras and digital picture frames “to focus its Consumer Business on desktop inkjet, online and retail-based printing—areas that offer the most significant opportunities for profitable growth. Kodak will continue to offer camera accessories and batteries, which are universally compatible with other brands,” the statement said.
According to the Wall Street Journal, “The move during the first half of the year should save more than $100 million a year, and Kodak expects to book a $30 million charge from exiting the business.”
The statement also said that it was “likely” that some of the cameras, video cameras and digital frames it announced at CES would not be launched.
Eastman Kodak Co. filed for Chapter 11 bankruptcy protection on January 19, 2012. In its filing in US Bankruptcy Court in the Southern District of New York, the company reported that it has $6.8 billion in debt and $5.1 billion in assets. Kodak has struggled for years as the photography business has moved to digital photography.
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Robyn Cohn, a New York-based CPA who has provided bookkeeping and tax services to photographers for more than a decade, offers advice that PDN readers can act on right now to minimize taxes on their 2016 income—and manage their finances better in the future. PDN: What would you advise photographers to do before the end... More ›
In 2013, Robert Herman self-published The New Yorkers, a book of mostly 1970s and ‘80s street photos that is now on its third printing. In a seminar at PhotoPlus Expo last week, Herman described the steps he took to turn his archive of thousands of images into a successful photo book, from designing and printing... More ›