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Eastman Kodak filing for bankruptcy???

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Category: Health, Science & Technology

Via: the-irascible-harry-krishner • 12 years ago • 2 comments

"They give us those nice bright colors
They give us the greens of summers
Makes you think all the world's a sunny day, Oh yeah
I got a Nikon camera
I love to take a photograph
So mama don't take my Kodachrome away".

Creative Destruction: Kodak Teeters On The Brink

Rochester-based Eastman Kodak ( EK ) has been around since 1894, and was a blue-chip Dow Jones Industrial Average stock from 1930-2004. The company has been on the annual Fortune 500 list of America's largest companies every year since the rankings started in 1955. But the company hasn't turned a profit since 2007, and is now on the verge of filing for bankruptcy, according to an article in today's Wall Street Journal .

Here are some excerpts:

Eastman Kodak Co. is preparing to seek bankruptcy protection in the coming weeks, people familiar with the matter said, a move that would cap a stunning comedown for a company that once ranked among America's corporate titans.

That Kodak is even contemplating a bankruptcy filing represents a final reversal of fortune for a company that once dominated its industry, drawing engineering talent from around the country to its Rochester, N.Y., headquarters and plowing money into research that produced thousands of breakthroughs in imaging and other technologies.

(Read it all)

Chart of EK stock price (Right click to embiggen):

(The stock closed Friday at 37 cents/share )

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Professor Expert

seeder Krishna 12 years ago

Such uncertainty was once unthinkable at Kodak, whose near-monopoly on film produced high margins that the company shared with its workers. On "wage dividend days," a tradition started by Kodak founder George Eastman, the company would pay out bonuses to all workers based on its results, and employees would use the checks to buy cars and celebrate at fancy restaurants.

Former employees say the company was the Apple Inc. or Google Inc. of its time. Robert Shanebrook, 64 years old, who started at the company in 1967 and was most recently world-wide product manager for professional photographic film, recalls young talent traipsing through Kodak's sprawling corporate campus. At lunch, they would crowd the auditorium to watch a daily movie at an on-site theater. Other employees would play basketball on the company courts.

"We had this self-imposed opinion of ourselves that we could do anything, that we were undefeatable," Mr. Shanebrook said.
(LINK)

Professor Expert

seeder Krishna 12 years ago

Lyrics:

When I think back
On all the crap I learned in high school
It's a wonder
I can think at all
And though my lack of edu---cation
Hasn't hurt me none
I can read the writing on the wall

Kodachrome
They give us those nice bright colors
They give us the greens of summers
Makes you think all the world's a sunny day, Oh yeah
I got a Nikon camera
I love to take a photograph
So mama don't take my Kodachrome away

If you took all the girls I knew
When I was single
And brought them all together for one night
I know they'd never match
my sweet imagination
everything looks WORSE in black and white

Kodachrome
They give us those nice bright colors
They give us the greens of summers
Makes you think all the world's a sunny day, Oh yeah
I got a Nikon camera
I love to take a photograph
So mama don't take my Kodachrome away

Mama don't take my Kodachrome away
Mama don't take my Kodachrome away
Mama don't take my Kodachrome away

Mama don't take my Kodachrome
Mama don't take my Kodachrome
Mama don't take my Kodachrome away

Mama don't take my Kodachrome
Leave your boy so far from home
Mama don't take my Kodachrome away
Mama don't take my Kodachrome

Mama don't take my Kodachrome away

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