By Maximilian Clarke

Kodak has filed for bankruptcy in New York following a long-term decline in sales as it failed to keep pace with its digital rivals.

Founded in 1892, Eastman Kodak Company (NYSE: EK) is credited with having developed the handheld camera, giving birth to the boom of personal photography. However, sales entered decline as the firm failed properly to embrace the booming digital photography market.

Referring to the chapter 11 bankruptcy filing, Antonio M. Perez, Kodak's chairman and chief executive told the BBC: "the board of directors and the entire senior management team unanimously believe that this is a necessary step and the right thing to do for the future of Kodak."

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