Ritz Camera and Image LLC officially filed for bankruptcy last Friday for the second time in three years. And while bankruptcy and financial trouble in general are, unfortunately, not uncommon in the world of photography these days, Ritz is making headlines because of their major unsecured creditors. Amon the biggest names on the list are Nikon, Sony and Fuji, all of whom stand to lose quite a bit of money as Ritz prepares to restructure. Read more…
It wasn’t too long ago that Kodak filed multiple patent infringement lawsuits against Apple in a scramble for life-giving cash, but now the tables have turned. Less than a month after Kodak filed for bankruptcy and announced the end of its camera business, Apple is reportedly in the process of asking the court for permission to sue bankrupt Kodak for infringing on Apple’s patents in its printers, digital cameras, and digital picture frames. This back and forth IP fight is one that Kodak might not be in for long: the company is still trying to sell off its portfolio of roughly 1,100 imaging patents.
(via Bloomberg via Ars Technica)
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Well, the rumors were true: today the iconic photography company Kodak announced that it has filed for Chapter 11 bankruptcy protection. What this means is that the company is given permission to continue its normal operations as it struggles to restructure and transform into a sustainable business. While we probably won’t see the death of the Kodak brand, the company has stated that it intends to transform into “a lean, world-class, digital imaging and materials science company”, and that they’re planning to sell off “significant assets” during this process. It remains to be seen whether Kodak continues to play a significant role in film photography once it emerges out the other end of bankruptcy protection (if it ever does).
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The Los Angeles Times is reporting that Kodak may be “a shutter click from extinction”:
Once ranked among the bluest of blue chips, Kodak shares sell today at close to $1. Kodak’s chairman has been denying that the company is contemplating a bankruptcy filing with such vehemence that many believe Chapter 11 must lurk just around the corner.
The Rochester, N.Y., company said it had $862 million in cash on hand as of Sept. 30, but at the rate it’s losing money from operations (more than $70 million a month), that hoard would barely last a year.
No wonder the company is trying to find someone to purchase its online photo sharing service for hundreds of millions. Even if it did manage to find a buyer, the sale would only buy a few more months of life unless the company can figure out how to stop the bleeding.
Kodak’s long fade to black [Los Angeles Times]
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