Reorganization

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Former Kodak vice president Don Strickland insists the firm's late entry into the digital market is a key factor in its recent troubles. He claims he left the company in 1993 after he failed to get backing from within the company to release a digital camera.

"We developed the world's first consumer digital camera and Kodak could have launched it in 1992.

"We could not get approval to launch or sell it because of fear of the cannibalization of film," he told BBC News.

Although Kodak was one of the original inventors of digital photography, it failed to keep pace with developments in the market and competitors steadily eroded its share of the market.

Since 2003, Kodak has closed down 13 manufacturing plants and cut its workforce by 47,000 and there could be more cuts to come.

"Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets," the Kodak chief executive said on Thursday.

Kodak employs 19,000 workers, but it is not known how many may be affected by the reorganization.

In its 1980s heyday, the company employed 145,000 people in locations throughout the world.

Mr. Strickland believes the firm has little chance of surviving long term.

"There will be no more 'Kodak moments' - after 133 years, the company has run its course."

Others think it may now be a takeover target.

"It is more likely someone will buy them out for their patents, for their intellectual property," technology journalist Kevin Anderson told BBC World.

"Google has been on a buying spree lately, buying up companies for patents. I don't think they will be in the market for them [Kodak], but that might be one attractive element for a potential buyer," he said.

19 January 2012, BBC News