It’s official – after weeks of speculation on Wall Street, the once iconic and innovative film company has run out of money. Kodak filed for bankruptcy today, after failing to survive a liquidity crisis following a massive decline in the sales of the very thing it pioneered in the first place – film.

The company is now looking at heavy restructuring, and shifting its focus to digital consumer products. Kodak’s main source of income has traditionally been film, a large portion of which came from the professional photography and film industry. With both of these fields now moving to digital, the company was forced to shift it’s focus into other fields, such as consumer cameras, which it has failed to manage successfully. The chairman of the board had the following to say about the bankruptcy filing:

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

The filing currently only affects US subsidiaries.

[Source: TimesLive]