Iconic US camera maker Eastman Kodak is seeking to sell its online photo sharing website as the company teeters on the verge of bankruptcy, The Wall Street Journal reported Thursday.
Iconic US camera maker Eastman Kodak is seeking to sell its online photo sharing website as the company teeters on the verge of bankruptcy, The Wall Street Journal reported Thursday.
The Journal cited someone approached for the purchase as saying Kodak was seeking "hundreds of millions of dollars" for Kodak Gallery, which has been losing users in recent years.
The 131-year-old company has tapped photo-sharing websites, competitors, private-equity firms and retailers about a possible purchase of the online business said to boast 75 million users worldwide. Users can store their photos on the website and then share them and print them.
Kodak, which ventured into the online photo sharing business in 2011 when it bought Ofoto for $100 million, has revealed that surviving another year could hinge on selling patents or borrowing money.
The firm has suffered losses since 2008 and said it could seek as much as $500 million in financing. In a Securities and Exchange Commission filing, it said the ability to continue operations in the coming 12 months depended on an infusion of cash from selling patents or taking on debt.
(c) 2011 AFP
