Unlike Kodak, the Smart Loser Folds

The company founded by George Eastman in 1880, which used to be a constituent of the “Nifty Fifty” blue-chip companies, is perilously close to filing for Chapter 11 bankruptcy. Antonio Perez, its chief executive, has spent six years battling to rescue Kodak from the terminal decline of its analogue film business. He may have run it into the ground.