A long-time photography company may be forced to shut its doors forever if several sales do not go through. Company executives are prepared to file for Chapter 11 bankruptcy protection but are hoping they do not have to.
Since the digital revolution changed the way that we use cameras and photography, the company has struggled to keep up with the changing times. It has experienced years of declining profits to the point where it simply cannot stay afloat. The company has put several of its patents up for sale but has yet to make an actual sale. In addition to patent sales the company has laid-off most of its workers worldwide.
Altogether the patents could go for $1 billion. This would certainly help satisfy some of the debts the company has accrued. Without the sale of the patents, the company will have to file for bankruptcy protection. If that happens, the company would keep its doors open during the bankruptcy proceedings but the future of the company would remain shaky.