Eastman Kodak files for bankruptcy

The New York Times delivered the bad news this morning:

Eastman Kodak, the 131-year-old film pioneer that has been struggling for years to adapt to an increasingly digital world, filed for bankruptcy protection early on Thursday.

The American icon had tried a number of turnaround strategies and cost-cutting efforts in recent years, but the company — which since 2004 has reported only one full year of profits — ultimately ran short of cash.

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