Eastman Kodak has announced that it will stop making digital cameras marking the end of an era which saw the company become almost synonymous with photography.
The company will also shun digital video cameras and digital picture frames and would focus instead on the more lucrative photo printing and desktop inkjet printers instead.
The exit, Kodak said, would bring savings of up to $100 million a year. Kodak has promised that it will provide with support for discontinued products and honour product warranties.
It filed for bankruptcy protection last month in an attempt to prevent itself from going bust following its failure to flog its digital imaging patents for a significant amount.
The company, which was founded in 19th century, has saw its photography business slump due to the rise of smartphones that now offer increasingly capable onboard cameras that doubled as camcorders.
The Nokia N8 for example not only offers a 12-megapixel camera but can also record in full HD, has a Xenon flash plus Carl-Zeiss optics.
Pradeep Jotwani, president and chief marketing officer at Kodak, said in a statement "Today's announcement is the logical extension of that process, given our analysis of the industry trends".