Kodak sounds alarm: 133-year-old legacy brand may end operation, debt mounts to over $500 mn

The shutter click sound of Kodak cameras is likely to stay a memory after the 133-year-old legacy photography company told its investors that it might have to close shop.

Earlier this week, Kodak released its earnings report, revealing that it doesn’t have “committed financing or available liquidity” to pay back its $500 million debt. “These conditions raise substantial doubt about the company’s ability to continue as a going concern,” the company said in a filing.

Kodak plans to free up cash by halting payments to its retirement pension plan. The company also stated that it does not anticipate tariffs to have “material impacts” on its business, as many of its products, including cameras, inks, and film, are manufactured in the United States.

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Kodak CEO Jim Continenza said, “In the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment.”

Kodak, officially known as Eastman Kodak Company, was founded by George Eastman in 1888 and revolutionised photography by making it accessible to the general public.

With the slogan “You press the button, we do the rest,” Kodak introduced the first simple camera, changing the way people captured memories. Throughout the 20th century, the company became a dominant force in the film and camera industry, known for innovations like Kodachrome film and the Instamatic camera.

Despite its early success, Kodak struggled to adapt to the digital age. Although it was one of the pioneers of digital photography technology, the company failed to capitalise on it commercially.

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Facing declining film sales and growing competition, Kodak filed for bankruptcy in 2012. Since then, it has shifted focus toward commercial printing, advanced materials, and other imaging-related technologies in an effort to reinvent itself.

Update:

Kodak responded to Firstpost saying that it intends to repay or refinance its debt.

The company said, “Kodak has no plans to cease operations, go out of business, or file for bankruptcy protection.”

“When the transactions we have planned are completed, which is expected to be early next year, Kodak will have a stronger balance sheet than we have had in years and will be virtually net debt free,” it said.

(The story has been updated to include Kodak’s official response to Firstpost)