Kodak is shutting down its digital camera business and halting production of digital cameras and pocket video cameras.

The company will halt production by mid-2012 and the whole process will cost about $30 million. However, Kodak hopes to save even more in the long term.

The troubled photography giant has faced its fair share of bad news in recent months and it was forced to file for bankruptcy protection in January.

If you happen to own a Kodak camera, there’s no reason for concern. The company will honour warranties and continue to provide tech support.