Eastman Kodak Co. is preparing for bankruptcy in the "coming weeks" in case efforts to sell its patents fall through, the Wall Street Journal reported on Wednesday.

The photography and imaging equipment company has long struggled with revamping itself as a technology company amid advancements in digital cameras and photo sharing.  Shares of Kodak have closed under $1 for 30 consecutive trading days, the Journal reported.

Kodak has cut global staff to 18,800 from a peak of 145,300 in 1988. Jobs at its headquarter in Rochester, N.Y. were cut to 7,100 from 60,400 in 1982, according to the Associated Press.

The company is in discussions with potential lenders for $1 billion in financing to keep it afloat during bankruptcy proceedings, sources told the Journal.

Christopher Veronda, a spokesman for Eastman Kodak, told ABC News the company had no comment, "as it's our long-standing policy not to comment on market rumors or speculation."

If the company does file for Chapter 11 bankruptcy, it would operate normally and try to sell its 1,100 patents through a court-supervised bankruptcy auction, the Journal reported.

On Tuesday, Kodak disclosed the New York Stock Exchange warned the company's shares could be delisted unless it gets its finances in order in the next six months.

The company has been called Eastman Kodak Company since 1892 under George Eastman , who tinkered with film and photography machines. In 1888, the word KODAK was registered as a trademark for a camera that could be used by a larger market, according to the company.