Following on its Chapter 11 business reorganization filing earlier this year, Eastman Kodak Company recently announced that it’s quitting the desktop inkjet printer business, but will continue to market ink for its existing desktop devices.
In efforts to emerge from the Chapter 11 and get back on its feet, the company has had to sell assets and reduce costs. Kodak’s printer business got off the ground in 2007. It goes by the wayside along with the manufacture’s retail store photo kiosks and document scanners.
Kodak has also been trying to sell 1,100 digital imaging patents but has so far been unsuccessful, according to the company. Kodak announced plans to exit the digital camera business this past February and in May closed on the sale of its online photo-sharing business.
The company is seeking to extend until February 28, 2013, its exclusive right to file a plan of reorganization as it continues executing plans for re-emergence in the first half of 2013, according to the company.
Key to Kodak’s restructuring is a business strategy focused on commercial, packaging and functional printing solutions and enterprise services.
Along with the demise of its inkjet printer business was the announcement of another 200 job losses for a year-end total of 1,200.
Kodak joins Lexmark who left the inkjet business in late August in hopes of realizing an annualized savings of $95 million. lexmark is also in the process of restructuring its business in order to improve profitability and savings.