Kodak files for bankruptcy

Kodak filed for bankruptcy early this morning after becoming a victim of the digital age. The camera-maker, which was founded more than a hundred years ago, failed to find a buyer for its trove of 1,100 digital imaging patents.

The film pioneer, now called Eastman Kodak, once sold 90 per cent of the world’s photographic film and was responsible for popularising photography. But it has been struggling to keep pace with the digital age and years of poor performance had already forced it to lay off 47,000 employees and close 13 manufacturing plants since 2003. At its height in the 1980s, it had 145,000 workers.

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