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Kodak has certainly transformed over the past 20 years. In 1988, it employed 145,300 people and made a profit of $1.17bn on $13.3bn in revenue. By late 2009, the payroll had dipped to 19,900, a level not seen since the Great Depression, with a quarterly loss of $111m. How could this happen? The usual explanation is that Kodak failed to see the approach of digital.
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