How about an explanation that might not have been offered yet?
Kodak ended up where it is by not aggressively developing all aspects of digital imaging, patenting every iota of it, then keeping the technology off the market and preventing everyone else from bringing it to market via patent enforcement.
With no digital alternatives available to the world, Kodak would still be coating as much high-margin sensitized product as ever and rolling in cash. Instead of engaging in the losing battle of consumer electronics competition, it would still be selling extremely profitable "razor blades" by the trainload.
Other than that approach, I don't see how Kodak could have dodged the digital juggernaut.