”Eastman Kodak Company (NYSE: EK), the Rochester, New York-based company engaged in the sale of imaging products, technology, solutions and services to consumers, lost another director on Friday.
Laura Tyson resigned from the Kodak Board on Friday, making it the third resignation in a week at the struggling company. Kodak, which at one time was synonymous with photography, has struggled to survive the dominance of digital photography. The company has been looking to sell its digital imaging patents in order to boost its shrinking cash position and stay in business after failing to turn an annual profit since 1997.
Back in November 2011, the company had cautioned that unless it raised $500 million in new debt or sold some patents in its portfolio, it will struggle to survive in 2012.“
I heard about Kodak’s problems on the radio. I know times change and some companies don’t survive, but I’m still saddened to think about the end of a company that has been there my whole life. When I was a kid we’d take exposed rolls of Kodak film to the drug store and have them sent to Kodak for development. When I did a lot of black and white infrared photography in the 1970s and ’80s I once placed a special order directly with Kodak for 100 spools of 100 ft. each of that film. That’s a lot of film for a still photographer!
Steve Schwartzman
http://portraitsofwildflowers.wordpress.com