Sometimes it’s best to stick to what you know while accepting that the market will shrink

I argue it's always best to do that. A company dying doesn't mean it failed, it just means it fulfilled its purpose. Investors should leave, not because the company is poorly run, but because other technologies are more promising. These companies shouldn't go bankrupt, but merely scale back operations and perhaps merge with other companies to maintain economies of scale.

I honestly really don't like companies that try to do multiple things, because they tend to fail in spectacular ways. Do what you're good at, fill your niche as best you can, and only expand to things directly adjacent to your core competency. If the CEO sees another market that they can capture, then perhaps the CEO should leave and go start that business, not expand the current business into that market.

it could even be said that if they hadn’t tried to get into digital they might’ve averted bankruptcy.

Now there's an interesting thought. ;)

There’s also horse breeders around which survived the invention of the automobile,

Exactly, and retro film photography is making a comeback. Kind of like Vinyl record albums.

as a former TKO on the Nexpress series, don’t sleep on Kodak’s presence in the commercial print manufacturing industry either. would love to still be on the shop floor to have an opportunity to run the Prosper inkjet web press.