ROCHESTER, N.Y. Photography icon Eastman Kodak has filed for Chapter 11 bankruptcy protection, as it seeks to boost its cash position and stay in business.

The move comes as the ailing company has failed to find a buyer for its trove of 1,100 digital imaging patents. Kodak said in November that it could run out of cash in a year if it didn’t sell the patents, for which it hoped to fetch billions.

Eastman Kodak Co. said early Thursday that it has secured $950 million in financing from Citigroup Inc., and expects to be able to operate its business during bankruptcy reorganization and pay employees. The Rochester, N.Y.-based company, which was pummeled by foreign competition and then severely shaken by the digital revolution, has invested huge sums in new lines of inkjet printers that are finally on the verge of turning a profit.

CEO Antonio Perez said in a statement that the bankruptcy filing is “a necessary step and the right thing to do for the future of Kodak.”

The company and its board are being advised by Lazard, FTI Consulting Inc. and Sullivan & Cromwell LLP. Dominic DiNapoli, vice chairman of FTI Consulting, will serve as chief restructuring officer. Kodak expects to complete its U.S.-based restructuring during 2013.

On its website, Kodak assured customers that the nearly $1 billion in debtor-in-possession financing would be sufficient to pay vendors, suppliers and other business partners in full for goods and services going forward. The bankruptcy filing in the Southern District of New York does not involve Kodak’s international operations.

The Chapter 11 filing had been rumored for weeks. Multiple directors have resigned from Kodak’s board and the company last week announced that it realigned and simplified its business structure in an effort to cut costs, create shareholder value and accelerate its long-drawn-out digital transformation. Since the start of the year, Kodak said it now has two business units commercial and consumer instead of three.

Previously, Kodak’s business segments were divided into its traditional film and photo paper products, consumer digital imaging and graphic communications, which included printing equipment. Home photo printers, commercial inkjet presses, workflow software and packaging are viewed as Kodak’s new core. Kodak has said it hopes the printer, software and packaging businesses will more than double in size by 2013 and account by then for 25 percent of its revenue, or nearly $2 billion.

Kodak did not announce job cuts as part of the bankruptcy protection filing. The company’s payroll has plunged below 19,000 from 70,000 a decade ago.

By Sasha Charnin Morrison for UsMagazine.com. To read more of the Recessionista blog, click here.

Rock-n-roll never goes out of style, and this boot won’t either. You also want something thats fresh and stands out from the rest of what you have, and this boot is perfect. With this onslaught of fall temperatures, these are the perfect look with the 100 pairs of leggings you have in your closet. Wear them with a poncho over a tunic and leggings and youre set to go, while keeping your toes nice and warm. This style is limited, so snap these up fast here!

These boots — that popular fold over style with a chic zipper — are now $44.99 (from $75.) When celebrities wear the brands they design, it makes us want to buy the stuff, but I happen to really like this boot as well. It’s flattering on the leg, very spot on. I also like that they have a rock and roll vibe minus being hugely chunky, studded, buckled, and strappy. It’s sized 6-10 and has a really foxy high heel; it looks pretty sturdy so your feet wont be killing you because of the platform.

Britney Spears is everywhere. On Glee, in the magazines, on TV, web…everyone wants a piece of her. And now you can get that via Candies at Kohls (where Brit has her own line!)

If you plan on wearing one of your new dresses to multiple venues, do your best to give the look some variety. Price tags can add up for new shoes, accessories and handbags, so repurpose things you already own to make your attire unique.

Bisou Bisou Corset Tunic, $50
Whether you were naughty or nice this year, the black Bisou Bisou frock puts it up for discussion! The tiered ruffle skirt is whimsical enough to take you from a day at the office — when paired with a blazer — to a night on the town.

I ‘Heart’ Ronson Ruffle Belted Dress, $40
This dress defies the norm and integrates vintage and edge with a ruffled neckline and a black velvet bow at the waist. Wear it with black tights and round-toe heels to up the romance factor or dress it down with black boots for more of a bad-girl vibe.

Silver Sequined Cocktail Dress, $53
This racy polyester mini-dress has a full body of silver sequins covered down the front and back. Although its retail price is a reasonable $85, if you buy now you can take advantage of $32 in savings!

Try bright magenta tights with the Bisou Bisou frock one night, and then pair it with a chunky statement necklace and metallic booties the next!

Bebe Cross Beaded Banded Dress, $89
Ribbed, super-stretch bands cinch from head-to-toe in this beaded, above-the-knee komo dress. The criss-cross beaded straps in this dress — similar to a frock worn this week by New Moon’s Kristen Stewart — weave throughout for a polished feel. Tired of yet another little black dress? It’s also available in plum.

As this year’s holiday season commences, so do the non-stop celebrations. You can still look party-perfect in festive frocks that won’t break the bank. All priced under $100, take a look at some of my Recessionista-worthy finds:

Purple Tranquility Dress, $72
This elegant silk number boasts a single shoulder strap with ruffles and two floral appliques for a feminine touch. The slim bodice fits one’s form gracefully while an invisible zipper and hook clasp fasten up the side.

Or give the Purple Tranquility number a new touch by layering a shawl for one party. To repurpose it at another outing, you could simply vamp up your hair and makeup!

‘Tis the season to celebrate — and save!

I love this style of faux-fox from QVC. The vest is priced well at $79.80, and the greatest thing is that this silhouette is also available in red faux-fox and in chinchilla. Wear it with a pair of jeans, a nice knit and a slouchy hobo bag.

And did I mention that its sized from an extra-small all the way up to 3X?! And the other good news? This style is so chic and timeless, you can wear it over and over again, and it will never go out of style.

Buy it here.

I have never seen a trend take off like this. Leave it to Rachel Zoe — who lives in sunny California, I might add — to find something that has captured everyone’s attention: the fur vest.

WOMENSWEAR DESIGNER OF THE YEAR
Jack McCollough and Lazaro Hernandez for Proenza Schouler

MENSWEAR DESIGNER OF THE YEAR
Michael Bastian

ACCESSORY DESIGNER OF THE YEAR
Alexander Wang

SWAROVSKI AWARD FOR WOMENSWEAR
Prabal Gurung

SWAROVSKI AWARD FOR MENSWEAR
Robert Geller

SWAROVSKI AWARD FOR ACCESSORY DESIGN
Eddie Borgo

GEOFFREY BEENE LIFETIME ACHIEVEMENT AWARD
Marc Jacobs

INTERNATIONAL AWARD
Phoebe Philo for Celine

EUGENIA SHEPPARD MEDIA AWARD
Hilary Alexander of The Daily Telegraph

FOUNDERS AWARD
Hal Rubenstein of InStyle

FASHION ICON AWARD
Lady Gaga

SPECIAL TRIBUTE AWARD
Arthur Elgort