NEW YORK (CNNMoney) — Kodak is exiting the digital camera business and it will instead license its brand name to other camera manufacturers, the company announced Thursday.
Kodak will “phase out its dedicated capture devices business” — which includes digital cameras, pocket video cameras and digital picture frames — in the first half of 2012. The company’s consumer business will instead focus exclusively on photo printing, through retail and online services as well as desktop inkjet devices.
The iconic photography company, based in Rochester, N.Y, is looking for ways to monetize after filing for Chapter 11 bankruptcy protection on January 19.
Once the digital camera phase-out is complete, Kodak expects an annual operating savings of more than $100 million. But it will also take a charge of $30 million to cover the layoffs related to its exit from the business.