Technology

Digital waves wallop Eastman Kodak

MUMBAI: The digital wave seems to have slain Eastman Kodak, the company which brought photography to the masses a century ago, to such an extent that the company is staring bankruptcy. The company has already begun preparing to ask for protection from creditors.


On Tuesday the New York Stock Exchange has, in a way, warned the company that if it cannot get its stock price 
 
In its heyday Kodak shares topped $80 in 1996 -- just before the digital photo revolution stated making waves that eventually replaced the need for consumers to buy Kodak film,.


On Wednesday, Kodak™s share price plunged 28 per cent to 47 cents a share while on Thursday it sank another 10.6 percent to 42 cents.
 
Days have become so bad for the company that on Thursday the company‘s chief communications officer quit, following the resignation of three board directors in the last two weeks.


Founded in 1892 by George Eastman, Kodak developed handheld Brownie cameras that were sold at popular price, and furnished the film that would keep consumers pumping profits into the country for decades.

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