Posts tagged: Bankruptcy

Shutterfly Poised to Increase Market Lead with Kodak Gallery Acquisition

Alan Bullock
 Apr 27, 2012

This week, Shutterflys $23.8 million offer for “certain assets” of competing online photo service Kodak Gallery was selected as the winning (and only) bid in the court-supervised auction that is part of Kodak’s Chapter 11 bankruptcy proceedings The agreement, announced on March 1, is for the sale of “certain assets” including customer accounts and images in the U.S. and Canada, and is expected to receive final court approval early next week.

The transition process, expected to begin soon thereafter, is a familiar one for Shutterfly. In recent years, the service has scooped up customers from several competitors that have assumed room temperature, including Sony Image Station and American Greetings’ PhotoWorks. Unless they choose to opt out, Kodak Gallery users’ photos will be automatically transferred to a new or existing Shutterfly account and they will probably be welcomed to Shutterfly with some free prints and maybe a discounted photo book or two. According to a notice at Kodak Gallery, users who choose to not have their photos moved to Shutterfly will be able to download them for free or to purchase copies on DVD for a limited time. (Incidentally, this may be the last chance for Kodak Gallery users to retrieve their high-resolution image files — Shutterfly does not allow users to download their photos.) Read more »

The Positives and Negatives of Kodak’s Exit from the Capture Devices Business

Ed Lee
 Feb 10, 2012

On February 9, 2012, to the surprise of no one, Kodak announced that by the middle of the year it would close its capture devices business, which includes digital cameras, pocket camcorders, and digital photo frames. The Kodak name will likely remain in the market through the licensing of the brand name to others to put on camera, camcorders, and photo frames. The company expects to save more than $100 million annually and according to Kodak, up to 400 employees may be affected. Moving forward, Kodak will focus its consumer facing efforts on home, online, and retail photo printing.

How should the market view this news? Here are our thoughts on some of the effects of this news.

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Kodak will likely be a different company when they come out of bankruptcy

David Haueter
 Jan 19, 2012

The announcement that everyone in the photo industry expected was made on January 19, when Kodak filed for Chapter 11 bankruptcy protection, culminating from months of dismal earnings reports, layoffs and the selling off of properties and businesses (such as the Image Sensor Solutions business, which was sold in November 2011). Kodak will continue to operate while it reorganizes its finances and is hoping to complete its restructuring in 2013.

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The Numbers behind Kodak’s Chapter 11 Bankruptcy Filing

Ed Lee
 

On January 19, Kodak announced its much-anticipated Chapter 11 bankruptcy protection filing. The filing only affects Kodak’s U.S. Operations and its U.S.-based subsidiaries. Non-U.S. subsidiaries are not included and for them it is business as usual. Under Chapter 11, Kodak will continue to operate while seeking to reorganize its finances and the company is hoping to complete its restructuring in 2013. Many companies emerge successfully from Chapter 11 and we hope that Kodak is one of them.

This report looks at some of the numbers that we found in the court documents that we consider noteworthy.

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On Demand Printing, Bankruptcy, and iPads – Irony and Innovation

Jeff Hayes
 Feb 16, 2011

Yesterday, Xerox announced that it is ready to ship its Espresso Book Machine which can print books on demand at retail locations like your corner book store. Today, as reported in the Wall Street Journal, Borders Group — the second largest U.S. chain of retail book stores — filed for Chapter 11 bankruptcy. Are these two items related? Probably not, but I see some irony in the timing of the announcements.

Source: The Wall Street Journal

The Espresso Book Machine is supposed to be a liberator of content, a new revenue stream for traditional brick & mortar bookstores, a solution for the busy consumer that wants a hard copy book. Just install one of these machines and watch the customers come in and print their own books on demand. Xerox proclaims, “Self-publishers can print their latest manuscripts at the corner bookstore, classical books are now available for purchase on demand at libraries, cruise-goers can leave their books at home and print reading materials on the ship.”

The reality is that the number of bookstores has been dropping steadily as buyers shift to on-line purchasing through Amazon.com and other sites.  Why? e-Commerce is a more efficient business model with a better value proposition for most consumers. Read more »

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