Kodak to sell businesses as part of recovery plan

PanARMENIAN.Net - As part of its ongoing recovery efforts after filing for Chapter 11 bankruptcy, Kodak has announced its plans to sell its film, commercial scanner, and photo kiosk businesses, according to The Verge.

The proposed sale will fall alongside the company's current digital imaging patent auction, which it hopes will yield a return profitability and guide the iconic brand out of bankruptcy. As part of its larger reorganization plans, Kodak is moving away from the consumer market and will instead focus on commercial packaging and printing products.

Despite seemingly abandoning most of its photography divisions, Kodak says it isn't abandoning its legacy and promises to find a buyer with similar interests: “As we move forward with the potential transition of these businesses to new ownership, we will ensure that our customers continue to enjoy the same great products, services and support that they have come to expect from Kodak. We will also ensure that the potential buyers share our commitment to serving customers. Kodak has successfully sold businesses in the past with a seamless transition for customers.”

While no further insights about the status of the sale were provided, Kodak hopes to emerge from bankruptcy sometime next year.