Kodak Poised for a Comeback
NEW YORK (TheStreet) -- Despite Eastman Kodak's fade from prominence among the strongest companies in the world, the former photographic film maker is positioning itself for a comeback.
The rise of digital photography and decades of mismanagement drove Kodak to its eventual bankruptcy on Jan. 19, 2012, but sources have told TheStreet that the company will be re-listed on the New York Stock Exchange shortly after it exits the bankruptcy. The Rochester, N.Y.-based company is scheduled to present a reorganization plan in a New York court on Aug. 20.
Kodak world headquarters remain in Rochester, where it once employed more than 60,000 people at the peak of hiring in the 1980s. But total employment in the metropolitan area has risen to some 520,000 from about 414,000 since then, and the area's population has grown to about 1.1 million from 971,000.
Rochester avoided Detroit's fate as intellectual capital remained in the city. The University of Rochester is now the biggest employer there, while other major universities and hospitals have added to improving job opportunities. Many former employees stayed in the area after departing from Kodak and have created a burgeoning high tech manufacturing sector.
See TheStreet's above video about the story of Kodak's fall, its bankruptcy and Rochester's resiliency, and read our three part series for an in-depth look at one of America's once great companies:
-- Written by Joe Deaux in New York.
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