Kodak Goes Belly Up and Files for Chapter 11

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Despite its recent strategy of "sue everybody for everything," Kodak has succumb to its financial pressures and filed for Chapter 11 business reorganization in New York. The iconic photography company isn't dead yet, however, just very broke.

Kodak has already shuttered 13 manufacturing plants, 130 processing labs, and sheared 47,000 workers from its payroll since 2003 in an effort to offload its unprofitable divisions. Moving forward, Kodak hopes to leverage its existing "digital capture" patents and printing products to create "a lean, world-class, digital imaging and materials science company," said CEO Antonio Perez in a press release. The business restructuring should be completed by 2013. [Engadget]