Kodak files for bankruptcy

Eastman Kodak, the firm that invented the hand-held camera, has filed for bankruptcy protection.

The 133-year-old company has struggled to keep up with competitors that were quicker to adapt to the digital era, and has recently refocused its production on printers rather than cameras to stem falling profits.

Its latest move gives it time to reorganise itself without facing its creditors, with Kodak claiming that it would be business as usual for customers.

Antonio M Perez, Kodak's chairman and chief executive, said: "The board of directors and the entire senior management team unanimously believe that this is a necessary step."

The technology firm said that is has already arranged a $950 million (£615 million) credit facility from Citigroup.

British retailer Blacks Leisure recently announced that it was to go into administration after a sales slump wiped off the value of existing shares.