MONEYWATCH
Kodak to sell online-photo service to Shutterfly
May 07, 2012
May 07, 2012
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Shutterfly Inc. (AP) NEW YORK — Eastman Kodak Co. (EK) will close its online photo service on July 2 after a federal bankruptcy judge approved selling the business to Shutterfly Inc. (SFLY) for $23.8 million.
Shutterfly Inc. emerged last month as the sole bidder for Eastman Kodak Co.'s Kodak Gallery. The judge issued an order approving the sale last week.
Kodak, which filed for bankruptcy protection in January, is selling the photo printing, storage and sharing business to generate cash and to narrow its focus.
The two companies offer similar services, where basic sharing of photos is free and users
Shutterfly Inc. emerged last month as the sole bidder for Eastman Kodak Co.'s Kodak Gallery. The judge issued an order approving the sale last week.
Kodak, which filed for bankruptcy protection in January, is selling the photo printing, storage and sharing business to generate cash and to narrow its focus.
The two companies offer similar services, where basic sharing of photos is free and users
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