It’s Officially The End Of The Line For Kodak Digital Cameras
After filing for bankruptcy a while ago, the expected outcome for Kodak was to eventually pull out of the camera business; Today's news that they plan to exit by July makes it official.
Eastman Kodak Co., which invented the digital camera in 1975, is getting out of the digital camera business.
The bankrupt printing and imaging company announced Thursday that as part of its efforts to focus on profitable lines of business, it plans to get out of the digital camera, pocket video camera and digital picture frame business by July.
The move is expected to net the company a profit.
"Today's announcement is the logical extension of that process, given our analysis of the industry trends," Pradeep Jotwani, president of Kodak consumer business, said in a statement.
Kodak estimates the move will save it $100 million annually.
Company officials point out that this doesn't necessarily mean that Kodak-branded digital cameras will disappear from store shelves; Eastman-Kodak is exploring leasing or selling the brand name to other manufacturers.
While Kodak itself may no longer offer these products, Kodak-brand cameras may continue on the market, as Rochester-based Kodak said it would explore licensing its name to another company offering such gear.