Most company failures are due to trying to remain the same with the same products in a changing market. There is usually a lot of complacency with companies and they are very slow to adapt to new markets and methods.
Kodak's situation is strange as they saw change coming and tried to adapt to it but unfortunately, it hasn't worked out as well as planned. Ironically, if they had stuck to what they knew best, they might be in a better position now. Smaller perhaps, but without so many loss making divisions to support.