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Kodak Threatened with Stock Delisting as It Prepares to File for Bankruptcy

Kodak was warned by the New York Stock Exchange yesterday that its stock will be delisted if its price remains under $1 for the next six months. The stock has had an average closing price of below $1 for over 30 consecutive days now, and is no longer compliant with the NYSE’s requirement for minimum share price. Sadly, the company might not last another six months: the Wall Street Journal reported today that the company is now preparing to file for bankruptcy, which will likely happen in the coming weeks unless the company succeeds in its efforts to sell its 1,100 digital imaging patents. The revelation added insult to injury as the stock price plummeted another 28% today.


Image credit: NYSE by brian glanz


 
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  • http://twitter.com/everardokeeme Everardo Keeme

    That’s a sad message for such an iconic company

  • http://twitter.com/MariadiBoscheti Maria din Boscheti

    Here we are, saying goodbye to the best film company there was, there is, there will ever be.

  • StarrToDowler

    As much as I love digital, I grew up on film.  Hate to see this happen to Kodak.

  • http://twitter.com/aemoreira81 Adam Moreira

    This is what happens when you don’t keep up. Kodak will be missed, but it was slow to adapt to digital cameras, and it had outsourced that at the start.

    I expect that the company’s operations will cease altogether by the end of this year if not sooner. All they have right now are their patents.

  • http://twitter.com/richardford Richard Ford

    No this is what happens with crappy managers and executives that just go from company to company doing the same “role” without understanding the business, the markets or the products and customers.

    Fuji is doing great.  Ilford too is now back and running (though with new owners).  Most of the hollywood movies are still shot on kodak.  Why they didn’t just stutter everything else, look at their film and digital patent business and keep it at that?

    Why – because the execs want to keep on milking it for a few years.  These shitty execs are the ones that give everyone else a bad name when we too work hard, perform well and should feel right in getting large salaries.

     

  • Travis

    You sir just summed up everything I hate in this greedy corporate world, good job haha.  There’s nothing wrong with wanting to make money, but that desire clouds people’s judgements from making good decisions because they are only focused on the short term bottom line.  While I currently shoot with a Canon 5DII I cannot stand the Canon company, in both my own dealings with and dealings with customers (I work in a camera store) Canon has been rude, apathetic and do not seem to care about evolving photography.  Now take two companies like Fuji and Panasonic, they are my two favorites right now because they really strive to change photography as opposed to making another quick buck on old tech; also their customer service is much better to say the least….

    It’s sad to see Kodak go, but I know it isn’t a surprise to many, they may have invented digital photography but that’s where they sort of stop being important when compared to what other people were doing.  Once again the result of passionless executives only trying to make more money on existing product.

  • Mantis

    Interesting that you say that about Fuji because I have similar feelings.  

    My job has me working with folks at a lot of the different camera companies.  I’ve never worked with Canon, so I can’t speak about them, but Fuji & Olympus are a joy to work with.

    Kodak is, like the poster above you said, absolutely clueless.