Eastman Kodak, the legendary photography and printing firm, have seen their shares go into freefall today, with their worth dropping 25% following the news that they have taken out a £103 million loan for “general corporate purposes”.
The news means that Kodak shares have dropped by 66% in this year alone, with the company failing to turn a profit since 2007. Turn the clock back to 1997 and Kodak were riding high, with shares worth $90 (£57). As of yesterday, those shares are now worth a measly $1.74 (£1.20).
The Wall Street Journal’s Dennis K. Berman put the decline sharply into perspective with this tweet:
#Kodak stock closes at all-time low. The employer of 19,000 is now worth $468m, or $330m less than 50-person, profitless Tumblr. $EK
A once-powerful force in the analogue age, Kodak have struggled to keep up with digital competitors like Canon. Kodak as a result this year have been forced into selling off elements of their sizeable patent portfolio.