Kodak says it will file for bankruptcy. The company has been struggling since switching to digital photography in 2012, which led to a decline in demand for its film-based photo products.

The announcement comes after Kodak warned on January 19th about disappointing financial results due to continued weakness in the camera and print segments of its business.

This is not the first time that the company has warned that it's likely about to file for bankruptcy following a recent warning that disappointed investors had anticipated an initial public offering on November 17th, 2017.

Kodak plans to seek protection from creditors under Chapter 11 of the US Bankruptcy Code. 

This would permit the company to continue operating during the case, but Kodak has said that it plans to end that case and return to operating as a stand-alone entity.

There's no word yet on the number of jobs that will be lost as a result of this announcement. The company employs more than 14,400 people in manufacturing and technology.

The company expects its financial results for 2016 to fall below even those for 2015 as demand for film products has continued to erode due to consumers' preference for digital photography over film products.

 
Kodak was an American multinational photo imaging company formed in 1902 as the Downer Company by George Eastman and William H.  Downer. Kodak was the world's leading manufacturer of motion picture film until 1995 when Fuji Film overtook it in film sales. On January 30, 2012, Kodak announced its intention to stop manufacturing motion picture film and filing for bankruptcy protection in the United States and Canada.Kodak has historically been reluctant to open up its patents for licensing or to allow other brands to use its brands and logos in the same way that competitors such as Canon and Nikon have become well-known and widely used by other camera manufacturers because of their willingness to license their patents to others. As a result, Kodak is not considered a strong brand in professional or hobbyist photographic markets outside Asia. Kodak has also made the majority of its money from digital cameras with flash. This, coupled with tough competition from cheaper camera-taking smartphones, has placed many of its traditional photography products in serious decline.

Kodak has sponsored the following professional athletes:"To complete this list, any athlete who used Kodak branded equipment during their careers is also included." The company started in Rochester with George Eastman's invention of roll film in 1892. The company originally filed for protection on November 17th, 2017 only to be denied by a judge ruling that Kodak had not shown it would have enough cash to continue operating if they were granted bankruptcy protection.  Prior to that, Kodak had announced plans to seek protection from creditors under Chapter 11 of the US Bankruptcy Code and had said it would stop manufacturing film and would file for bankruptcy.

Kodak is currently owned by a group of private equity firms including Silver Lake, Bain Capital Partners and Thomas H. Lee Partners as well as KKR & Co.. Silver Lake has been the main investor in Kodak's turnaround efforts since 2011.The following countries have issued "Kodak" as a brand:
In March 2009, Japan's Nippon Yusen K. K. (NKK) filed a lawsuit against Apple Inc.
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