Kodak Exits Digital Camera Business in Latest Bankruptcy News

Bankrupt photographic pioneer Eastman Kodak said Thursday it will cease making digital cameras, according to Reuters.

The inventor of the hand-held camera is seen as one of the biggest corporate casualties of the digital age, after it failed to quickly embrace modern technologies such as digital photography, a product that it also invented.

In a bid to cut costs, the company said it also plans to stop making pocket video cameras and digital picture frames in the first half.

Kodak, which filed for bankruptcy protection last month, said that move would result in significant job losses at the business, which employs 400 people, most of whom are based in its home in Rochester, New York.

Kodak has not disclosed its employee numbers since the end of 2010, when the company said it had a work force of 18,800 employees.

The company, which generates three-quarters of its revenue from digital, said it plans to focus on seeking licensees to expand its brand licensing program.

Kodak said it would continue to offer online and retail photo printing, and desktop printers.

In addition to its consumer businesses segment, Kodak has a commercial segment that includes enterprise services, graphics, entertainment and commercial films units. Kodak shares traded downa penny at 41 cents near the close.