Tough news coming out of France this week: Sipa Press, the country's leading photo agency, has filed for bankruptcy protection. Michel Puech of the Le Journal de la Photographie reports that the filing came on November 22nd, and can lead to two possible outcomes: reorganization or liquidation.
Kodak has finally been thrown a lifeline. Yesterday, the beleaguered photography company announced that it had convinced banks to loan it $793 million in order to climb out of bankruptcy by the first half of 2013. The loan agreement comes with one big catch: Kodak must be able to sell its extensive collection of patents for at least half a billion dollars.
It seems like Kodak is having a hard time figuring out how to getting its finances back in the black. Kodak has announced its 3rd quarter financial results, and the numbers aren't pretty -- they're downright ugly, actually. Despite raking in $1 billion over the three-month period ending in September (down 19% from the same period last year), the company still posted a net loss of $312 million (up from a loss of $222M during the same period last year).
Kodak divisions are falling left and right as the company struggles to claw its way out of bankruptcy protection. After killing off its camera business and selling off its film business earlier this year, Kodak announced today that it will shortly be pulling out of the consumer printing business in order to focus on commercial printing.
Kodak has announced that it'll be shedding even more jobs in an effort to cut costs as it transitions into being a company solely focused on commercial printing and corporate services. Two weeks after announcing the sale of its photographic film business, the company is stating that another 1,000 pink slips will be issued by the end of this year as part of a $330 million cost cutting plan. This is on top of the 2,700 layoff notices already handed out this year, and the new round of cuts will reduce the company's headcount to 13,400, down from the 145,000 employees it had during its glory days.
Ritz Camera went under the hammer yesterday at a public auction, the latest chapter in the company's efforts to figure out a profitable business model in the increasingly Internet-driven business of selling camera gear. Among the things on the auction block yesterday was Wolf Camera, the competing chain of photo retail stores that Ritz acquired back in 2001. If you're a fan of Wolf Camera shops, here's some bad news: their days may be very numbered.
A source just informed us that all Wolf Camera shops are slated to be liquidated. He heard from a Wolf store manager friend that the chain was purchased by a liquidation company at the auction, and that exact time frames will be announced soon.
As we first reported back in June, Ritz Camera is putting itself on the auction block as …
Most people already know that one of the ways Kodak tried to dig itself out of its sizable financial hole was to sell the Kodak Gallery to Shutterfly, and the service officially shut down just a few short days ago. Most Kodak Gallery users probably won't be too upset with the move, but unfortunately, it looks like even the 2-million active users (the Kodak Gallery had a total of about 75-million) will have to go a few weeks without access to their photos as their accounts are transferred over.
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.
Recent news coming out of Rochester yesterday points to the fact that Kodak will be selling off its two massive patent portfolios sooner rather than later, and regardless of any progress made in the suit against Apple and RIM. In accordance with the June 30th deadline outlined in their lending agreement, Kodak has already filed a motion with the bankruptcy court -- to be approved at a hearing on July 2nd -- petitioning for a closed bids auction due to the "special nature of the assets."
Kodak has been selling off its assets left and right as it tries to dig itself out of its financial hole. Most recently, it "successfully" sold its Gallery business to Shutterfly. But Kodak's most prized possession, and the sale it was hoping to make up the most ground with, is its massive collection of patents split into two portfolios.
Kodak is asking the U.S. Bankruptcy Court for permission to pay $13.5 million in bonuses to roughly 300 executives …
It wasn’t too long ago that Kodak filed multiple patent infringement lawsuits against Apple in a scramble …
Kodak Theatre, the famous theater on Hollywood Boulevard that hosts the Academy Awards, …
Bloomberg writes that Kodak’s bankruptcy announcement yesterday was simply another step …
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.
CNNMoney has an interesting article on how the Kodak brand will likely survive …
Kodak was warned by the New York Stock Exchange yesterday that its stock …
The Los Angeles Times is reporting that Kodak may be “a shutter click …
Earlier this month, Kodak sold off its sensor business in an effort to raise some cash to stay alive …
Kodak’s stock plummeted again today, losing nearly 50% of its value and closing …
Tom Petters, a former owner of Polaroid was sentenced yesterday to 50 years in prison for heading up a $3.65 …
We reported last month that the New York auction house, Sotheby’s will be …
It’s no secret that Polaroid has seen its share of financial troubles over the last few years. This year, Polaroid …