Kodak Sells Off Certain Gallery Online Photo Services Business Assets to Shutterfly
March 2, 2012 11:41 AM
Shutterfly has agreed to purchase these assets for $23.8 million
Eastman Kodak Company
has struck a deal with Shutterfly to sell off specific assets of the KODAK Gallery online photo services business.
Shutterfly, an Internet-based personal publishing service, has agreed to purchase certain assets of the KODAK Gallery online photo services business for $23.8 million. Shutterfly will provide the stalking horse bid in a court-supervised auction process.
The agreement states that Gallery customer accounts and images are to be transferred to Shutterfly in the U.S. and Canada. However, if Kodak customers do not want to have their photos transferred to Shutterfly, they have the option to obtain their photos via free downloads or by purchasing DVDs from the KODAK Gallery.
“This sale is consistent with our objective of focusing Kodak on a core set of businesses in which we can most profitably leverage our technology and brand strengths, and provides a well-proven mechanism for ensuring that Kodak
receives maximum value
from these assets," said Pradeep Jotwani, President, Consumer Businesses and Chief Marketing Officer. “KODAK Gallery is a unique property, with more than 75 million users, and an ability to attract new members through innovative customer offerings such as its category-leading popular mobile apps.
“We appreciate the loyalty of the KODAK Gallery customers in the U.S. and Canada who have entrusted us with their photo memories. We know how much they value their photos, so we will ensure that a transition is smooth and easy for them, and that their images will be preserved and protected. We are pleased that under this stalking horse agreement with Shutterfly, our customers will continue to enjoy a rewarding on-line photo experience.”
Kodak plans to focus on destination photo solutions, home printing products and retail from now on. Currently, Kodak has 105,000 picture kiosks and claims to be the leader in retail print solutions.
Back in January 2012, Eastman Kodak Company announced that it had
filed for Chapter 11 bankruptcy protection
. It had previously stated in November 2011 that it would be unable to pay its bills at some point in 2012 unless it stumbled into some quick cash.
Since the filing, Kodak has had quite a bit of trouble. In early February, Kodak
bailed on the digital camera market
Apple made matters worse
by suing Kodak for patent infringement regarding digital cameras, printers and digital picture frames.
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