Shares of Eastman Kodak are down 31% at last check, on a Wall Street Journal report that the company is bracing itself for bankruptcy. You could see this coming from a mile away — “next thing you’ll tell me that Universal Whale Oil is struggling,” writes a commenter at Business Insider.
But, observes the Wall St Journal blogger, it’s still a bummer, affecting real people, including about 19,000 current employees. My stepdad grew up in Rochester, New York, where Kodak has its headquarters and was a major presence for years. It’s also a reminder that those who do not embrace change are flattened by it, remarked Josh Brown in a series of tweets:
Kodak was once a Dow component and one of the biggest employers in the US. The lesson here is embracing change and moving decisively. Kodak debt is taking a beating, too, understandably,….
Read more at http://blogs.wsj.com/marketbeat/2012/01/04/eastman-kodak-shares-hammered-on-bankruptcy-report/
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