Kodak, the 131-year-old photographic equipment company that has seen its stock value tumble with the advent of digital imagery, is selling off its patents to avoid a Chapter 11 filing, according to a recent report. The company, once the unequivocal leader for photographic film, helped invent the digital camera in 1975 but was unable to capitalize on the technology, unlike companies such as Canon and Nikon. Foreign competitors and the rise of cellphones with built-in cameras and sharing capabilities also hurt the company.
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Kodak Relies on Patent Rummage Sale to Stave Off Bankruptcy
Posted by: Rachelle Dragani January 5, 2012 10:50 AMKodak, the 131-year-old photographic equipment company that has seen its stock value tumble with the advent of digital imagery, is selling off its patents to avoid a Chapter 11 filing, according to a recent report. The company, once the unequivocal leader for photographic film, helped invent the digital camera in 1975 but was unable to capitalize on the technology, unlike companies such as Canon and Nikon. Foreign competitors and the rise of cellphones with built-in cameras and sharing capabilities also hurt the company.