Eastman Kodak Files For Bankruptcy

Running short of cash and time, Eastman Kodak Co. (NYSE:EK) filed for bankruptcy today. The iconic camera company founded by George Eastman in 1880, has been wrought with rumors for the past three months, which have escalated in the past two weeks.

CEO Antonio Perez announced the decision, “After considering the advantages of Chapter 11 at this time, the board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak.”

Eastman Kodak employed 62,000 people in Rochester and 130,000 worldwide at the top of its game in the early 1980s.┬áThe worldwide number now stands at 17,000, according to the company’s bankruptcy papers, with about 8,000 of them in the U.S.