Kodak Files for Chapter 11

The iconic camera company says it's business as usual as it attempts to restructure and pay back creditors.

Well, it looks like even Don Draper can't solve all the business world's problems. Kodak, the iconic camera and film company, has filed for Chapter 11 bankruptcy after 132 years of business. The Rochester, New York-based company was the first to invent personal cameras, and, in the 1970s, was the first to produce a digital camera, too. Now, filing for bankruptcy doesn't mean that Kodak's going out of business, as bankruptcy is used more often to restructure a company (read: begging creditors to give them some time to cut dead weight). But the digital-camera market has been inundated by fierce competitors, mostly out of Japan, that have winnowed down Kodak's market share substantially in the past 20 years. The company has only had one year of profitability since 2004, but has attempted to rebrand itself as a leader in digital photography – to mixed results – in recent years.