The long, sad decline of Eastman Kodak continued on Friday as the company announced it was exiting the consumer printer business.
The company, which is in the process of submitting a restructuring plan to Bankruptcy Court, will “wind down sales of consumer inkjet printers” and focus instead on selling ink to its existing install base.
“Kodak is making good progress toward emergence from Chapter 11, taking significant actions to reorganize our core ongoing businesses, reduce costs, sell assets, and streamline our organizational structure,” said Antonio M. Perez, Kodak chairman and CEO, in a statement.
Perez added that halting consumer printer sales “will substantially advance the transformation of our business to focus on commercial, packaging and functional printing solutions and enterprise services. As we complete the other key objectives of our restructuring in the weeks ahead, we will be well positioned to emerge successfully in 2013.”
The move comes after Kodak stopped selling digital cameras in February to cut costs. Kodak filed for bankruptcy protection in January.
Shorn of both businesses, Kodak will now concentrate on “commercial, packaging and functional printing solutions and enterprise services,” according to the release. The company also plans to eliminate about 4,000 positions this year, or 23% of its workforce.
Once a leader in the photography market, Kodak was unable to successfully adapt to the digital era. In an attempt to remain afloat, the company has proposed selling its trove of patents. The company also tried — unsuccessfully — to sue RIM and Apple over alleged patent violations, seeking more than $1 billion in damages.