Picture Imperfect

NEW YORK - Eastman Kodak, the 131-year-old film pioneer filed for bankruptcy early on Thursday. Their turnaround strategies have failed and the company will look to new ways to turn their company around.

“Since 2008, despite Kodak’s best efforts, restructuring costs and recessionary forces have continued to negatively impact the company’s liquidity position, ” Kodak’s chief financial officer, Antoinette P. McCorvey, said in a court filing on Thursday.

Citigroup is providing Kodak with $950 million in financing during this time.

Eastman Kodak will be survived by its long lost brother Eastman Chemical which split apart from Kodak in the 1990's. George Eastman the founded of Kodak would have wondered what happened today if he was still alive. Kodak invented the digital camera in 1978 only to fall way behind the digital race. To pursue the digital camera after the market started to decline. A failing company because of a failing model.