Kodak was established in the late 19th century as a global point of click and shoot cameras, becoming famous from creations like the infamous EasyShare button. The company endured financial losses that resulted in seeking a financial outlet; that outlet lead to a public filing of a Chapter 11 bankruptcy. The shutter king became victim to the downturn of the economy, turning to the federal bankruptcy courts to restructure their organization. This year, Kodak exits from the bankruptcy; a smaller and more streamlined company.
Kodak was once a company that touted over 145,000 employees, seeking to grow advancements in a digital age. During their bankruptcy proceedings Kodak trimmed the workforce to a mere 8,500 workers. It is sad to see a company that revolutionized the digital age of pictures, fall victim to a growing technological bubble. Other competitors, including smartphone manufacturers rose to the camera challenge, and Kodak was unable to beat the vast enhancements from these companies.
Kodak was entering a market of waterproof cameras and rugged equipment for consumers, prior to their proceedings. Now, they have a chance to go back to the drawing board to configure a new way to rebuild themselves. The market will demand that Kodak seek innovative updates and come abreast of the technological advancements in photography, film and pictures. Kodak can brand their name in a entrenched field by establishing a base for the younger generation, while keeping the same fundamental values that dedicated customers grew to love. This approval from the bankruptcy courts to exit the bankruptcy allows the company time to redevelop their worth.
Early last week, Kodak’s bankruptcy case was approved for closure. Once the closure has been completed, this begins a new path of technological creation for the former giant. Kodak is also looking to gain ground with commercial outlets and larger companies. Expanding beyond the personal click and shoot devices, Kodak wants to mark a path of impression to commercialized markets.
In a prepared statement, Kodak CEO Antonio M. Perez stated Kodak is looking forward to moving into imaging markets, especially in the commercial markets. They also will be reviewing a division for printing and professional services. Perez stated the company will have a stronger balance plan, and effective budgeting. The CEO feels the company has developed the knowledge necessary to emerge victorious from the bankruptcy. Kodak has a powerful history and reputation to do as Perez hopes, the process belongs in how the information will be handled, developed and shared.
Shareholders and employees became the real victims of the proceedings, resulting in a loss of trust which Kodak hopes to gain again. The company faced what thousands others have endured, becoming part of, “a tragedy of American economic life,” stated U.S. Bankruptcy Court Judge Allan Gropper. Can Kodak be the next Hostess? To lose it all and come from the ashes revitalized and renewed. To find the way into the public’s hearts and homes once again. To become a memory with photo paper or camersa that can bring back childhood laughs and childhood dreams. A stamp of a logo that will forever be on photos printed out, and emblazoned on the back of cameras for consumers to once again seek.
Forrest L. Rawls