On Friday, Kodak (News - Alert) announced that it will no longer be selling printers or cartridges to customers. Additionally, the company regretfully said that it will have to let go 200 employees, on top of the large group of jobs that have already been eliminated. The company has been in dire straits for the last year, and the breadth of its services has been shrinking as it goes through the mill of bankruptcy.
Kodak initially filed for bankruptcy back in January, but is hoping to stall on its court date so that it may put together a more solid plan for its comeback. Executives within the New York company are rushing to come up with the best solutions for the struggling company, which predates most photographic companies in the country.
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The company has already been shedding jobs and services, but will continue to streamline its efforts if having fewer irons in the fire means that a brighter future is possible. Kodak has sold off many of its subsidiary businesses, eliminated many jobs, and cut services like printing and shipping photos, farming off its customers to the more stable Shutterfly. The company has even said that it will no longer make digital camera or video cameras, through the Easy Share line of cameras was originally commercially successful.
These days, digital cameras are starting to become somewhat obsolete. Consumers are purchasing fewer point-and-click digital cameras, as they can get the same effect with their smartphones and tablets, especially with apps like Instagram available. Professional photographers are still investing in more sophisticated cameras, but their numbers are too small to keep Kodak in the digital camera business.
Hopefully, once Kodak has reshaped itself and emerged as a more specialized company, it will be able to better withstand the strains of a recessed economy. The company will focus on packaging printing, going forward, and cut its losses for the best.
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Edited by Brooke Neuman