After spending 20 months reorganizing its business after filing for bankruptcy protection, Kodak announced on Tuesday that it will refocus its business model on technology, especially on business imaging solutions.
Many of Kodak’s most well-known, and even beloved products will no longer be part of their business. Closed down and divested are its retail film products, photography paper, and 105,000 photographic services kiosks around the world.
Kodak was forced to sell off these assets to its largest creditor, the UK Kodak Pension Plan.
“We have emerged as a technology company serving imaging for business markets — including packaging, functional printing, graphic communications and professional services,” said Kodak chief executive Antonio Perez. “We are setting a trajectory for profitable growth,” Perez said. “We have the right technology at the right time as printing markets increasingly transition to digital.”
The reorganization plan was approved in a New York bankruptcy court on August 20. After several last steps Kodak will then be allowed to emerge from its Chapter 11 bankruptcy protection.
Kodak is based in Rochester, New York, and has been a leading company since its founding in 1892 in everything having to do with photography. Kodak helped make cameras, film, slide projectors and home videos available and affordable to everyone. Despite the fact that Kodak was among the first to develop digital imaging, it was not able to compete with competitors because it failed to sufficiently adapt its business model.