Its been expected for a while now but its finally official; Kodak is shutting down its camera business by June to focus on its current brand licensing program, and seek licensees in these categories. Its sad that the company that was once a synonym for camera’s and photos is going to shut down. 🙁 I remember my first camera, it was a point and shoot Kodak camera that I spent loads of time and effort on to take some really cool and interesting photos with. I think I still have it at home sitting in one of the boxes of old stuff along with my Nintendo and other artifacts of my childhood. Future generations will have no idea what a kodak moment refers to and that just sucks.
From their press release:
Eastman Kodak Company (the “Companyâ€) (OTB: EKDKQ.PK) announced today that, as a result of its ongoing strategic review process and commitment to drive sustainable profitability through its most valuable business lines, it plans to phase out its dedicated capture devices business – comprising digital cameras, pocket video cameras and digital picture frames – in the first half of 2012. Kodak will instead expand its current brand licensing program, and seek licensees in these categories. Following this decision, Kodak’s Consumer Business will include online and retail-based photo printing, as well as desktop inkjet printing.
Kodak has contacted its retail partners, and is working closely with them to ensure an orderly transition. Kodak will continue to honor all related product warranties, and provide technical support and service for its cameras, pocket video cameras and digital picture frames.
“For some time, Kodak’s strategy has been to improve margins in the capture device business by narrowing our participation in terms of product portfolio, geographies and retail outlets. Today’s announcement is the logical extension of that process, given our analysis of the industry trends,†said Pradeep Jotwani, President, Consumer Businesses, and Kodak Chief Marketing Officer.
A few months ago I remember reading about how Kodak went from being a leader in its field to a struggling company that is almost ready to shut down, can’t find the article right now but it was a really interesting read.
RIP Kodak.
Thanks to CNET for the initial story.
– Suramya