From what I recalled in business publications of the day, Kodak failed for very different reasons than Xerox.
Xerox knew how to innovate, but failed to convert their innovations into monetary gains. Kodak on the other hand took their biggest fall because they mishandled a market.
Kodak did fine with their digital products, good enough to stay alive and potentially regain the initiative anyhow. Where they lost their last big bundle of resources is when they took the wrong path with the Chinese market - time frame was just as digital camera took hold in the USA but film was still going reasonably well (so money was decreasing but still coming in). Kodak saw that China was growing, and their standard of living was improving. They assume the Chinese will increase their spending and take more photos. So they begin putting resources and assets there to benefit from growth in the China market. So far so good.
They put in resources alright, big big resources and huge assets - but they were expecting the Chinese market to grow along a path like developed markets such as the USA or Western Europe. As consumers got more money, they will take more and more photos and buy more and more films. Then, as the economy develops more, they have more money and they will switch to digital - eventually. So, they build local capabilities (factories) to make films, make photo paper, make film cameras, make film processing chemicals, film processing logistics, etc ... But, those Chinese didn't do as Kodak expected - they pretty much bypassed the whole film thing and leapfrogged directly digital cameras. All those $ Kodak spend on film factories, etc., now gone kaput. You can consider that was their Battle of the Bulge. Germany (Kodak) scraping up all their final resources for one last throw of the dice to regain the whole show... big gamble with big payout. But... something happened on the way to Antwerp...
That is what I recalled reading (and concluded) from the business presses of the day. I would give you citations if I remember what sources I got those from, but that far back I long since forgot.