By Aly Semigran
Updated January 05, 2012 at 06:16 PM EST

Things aren’t looking so great for Kodak these days. In addition to the Oscars possibly ditching the Kodak Theater for this year’s telecast and that time Pitbull attempted to rhyme Kodak with…Kodak, the Wall Street Journal reports today that the 131-year-old photo and imaging company is preparing to file for Chapter 11 bankruptcy in the coming weeks.

While the company is reportedly “making last-ditch efforts to sell off some of its patent portfolio” to ward off the same fate that befell the likes of Blockbuster and Borders, Kodak “has started making preparations for a filing in case those efforts fail, including talking to banks about some $1 billion in financing to keep it afloat during bankruptcy proceedings.” (If only the snide “Why don’t you take a picture? It’ll last longer” actually applied here.)

It’s especially sad news — and yet again, a sign of the times — considering Kodak, which was a pioneer in its industry, simply could not keep up with the digital revolution. (iPhone? I protest! I’d still use one of these bad boys on a vacation.) Still, even if the company does face down what the WSJ called “a stunning comedown,” we’ll always have those Kodak moments.

Are you surprised to hear that Kodak could be filing for bankruptcy? What piece of Kodak technology have you owned? Share in the comments section below.

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