The tale of heartbreaking collapse continues on and on, even now

Apr 16, 2013 07:57 GMT  ·  By

Kodak is really taking punches, losing another business every other month, in its ongoing struggle to survive bankruptcy and rise from the ashes. The latest business to be lost is the document imaging one.

At least it didn't crash and burn though. Kodak actually found a buyer, which, in layman terms, means that it has sold its scanner business.

Brother bought it for $210 million, through a stalking horse bid. Thus, Kodak is now 160.61 million Euro richer. Or at least less in debt.

"This proposed sale is another key step in Kodak's path to emergence – it moves us closer to realizing our strategic vision for Kodak's future," said Antonio M. Perez, Kodak chairman and chief executive officer.

"A sale to Brother, should they prevail, would represent an excellent outcome for Document Imaging's customers, partners and employees."

Brother Industries, Ltd. is a USA-based specialist in fax, printing and MFC hardware and services. It should take control of Kodak's division by June.

This marks the further diminishing of a company that used to be synonymous with high-quality picture and video capture devices.

Kodak was so grand, at one time, that memorable events that have or should have been immortalized were described as “Kodak moments.” Many still use the figure of speech even today really, even though the company backed out of the camera market in February last year (2012), then proceeded to sell its Gallery online photo service, its film, kiosk and commercial scanner divisions, and even the printing business.

Add to that a huge patent auction (with drama), and there is almost nothing left to rise from the ashes, assuming Kodak rises from bankruptcy as it hopes. The $1.38 billion loss in 2012 isn't exactly encouraging. Even the patent case against Apple and RIM didn't get all that far, so no settlement or licensing money is coming either.