Kodak Preparing for Bankruptcy: Report

    San Jose Camera salesman holds up Kodak color negative film Gold at his store in San Jose, Calif., Wednesday, Oct. 29, 2008. Eastman Kodak said Thursday, its third-quarter profit more than doubled, driven by sales of digital cameras and inkjet printers, but warns that full-year revenue will fall well below previous forecasts. (AP Photo/Paul Sakuma)

    Paul Sakuma / AP Photo

    How the mighty have fallen. Eastman Kodak Co. is preparing to file for bankruptcy if it can't sell off its patents in a last-ditch effort, The Wall Street Journal reports. If it files, the company would try to remain operational while it sold off its patents. It's unclear what would happen to it afterward, and what would happen to the 19,000 employees who work for the 131-year-old company. Kodak began to struggle in the 1980s, when foreign competitors made inroads into the film market, and it has since tried its hand at everything from medical-testing devices to printers without much success.

    Read it at The Wall Street Journal