Kodak was filing for bankruptcy because they couldn't deal with the digital imaging revolution.
Kodak was actually the first to develop a viable digital imaging platform, and because they were raking in huge profits from film they viewed the emergence of digital imaging as a threat to their traditional revenue stream and scrapped the project. This of course opened the doors to competitors and the rest as they say is history.
Kodak bankruptcy is an example for becoming a victim of your past success, the Rochester icon dined very well off of the profits of its traditional film business for far too many years while ignoring the internal voices of key personnel as they sounded the alarm of pending change.
From a business standpoint, Kodak was swept aside by the tide of what is commonly referred to as discontinuous innovation or disruptive technology, which is an innovation that creates an entirely new market while displacing an existing market. In the case of Kodak we are talking about digital imaging replacing film