Kodak warns it may close after 133 years amid cash crunch

Eastman Kodak, the iconic American photography company, has warned investors it may not be able to continue operating, raising the possibility of winding down more than a century of business.

In its second-quarter earnings report on Monday (August 11), Kodak said it lacked “committed financing” and sufficient liquidity to meet its next debt repayment of around US$500 million. 

The company’s filing noted that this “raises substantial doubt” over its ability to remain a going concern.

The firm has moved to cut costs, including halting payments into its staff pension scheme, in a bid to free up cash. Kodak added that US tariffs introduced under former president Donald Trump have had little impact on its operations, as most products, including cameras, film, and printing materials, are made domestically.

“In the second quarter, Kodak continued to execute our long-term plan despite challenges from an uncertain business environment,” said chief executive Jim Continenza. A company spokesperson later told US media that Kodak was confident it could repay a significant portion of its term loan ahead of schedule and restructure or refinance the rest.

Shares in Eastman Kodak (KODK) dropped more than 25% in midday trading on Tuesday.From dominance to decline

Founded in 1892, with origins dating back to George Eastman’s 1879 patent for a plate-coating machine, Kodak became a household name after launching its first camera in 1888 for US$25, accompanied by the slogan: “You press the button, we do the rest.” The brand name, invented by Eastman, was chosen in part for his fondness for the letter “K”.

Through much of the 20th century, Kodak dominated the photography market, controlling 90% of US film sales and 85% of camera sales at its peak in the 1970s. It even inspired pop culture, with Paul Simon’s hit song Kodachrome topping the charts in 1973.

Ironically, Kodak invented the first digital camera in 1975 but failed to embrace the technology. The company filed for bankruptcy in 2012 with debts of US$6.75 billion and more than 100,000 creditors.A brief revival came in 2020 when the US government enlisted Kodak to produce pharmaceutical ingredients, causing its share price to soar. Today, the company still manufactures films and chemicals for industries including cinema and licenses its brand for various consumer goods, but the latest financial warning has raised fresh doubts over whether Kodak can survive.

(2025/08/15-00:00)