Benjamin Berkey emigrated to the United States from Ukraine in 1911, and shortly after graduating from City College in 1932, purchased a 50% stake in a photographic studio in the Lower East Side of New York by taking a loan of US$300 (equivalent to $6,700 in 2023) from his mother.
[5] However, Berkey felt that Kodak's dominance in selling film, print paper, and cameras still gave it a virtual monopoly in violation of the Sherman Act, and he filed suit in 1973,[6] winning an $87 million judgment for treble damages in 1978.
[7] After the lawsuit, Berkey sold off several divisions, including graphic arts, to Pako, and professional lighting (Colortran) to Forward Technology Industries, both in 1981.
At the time, Berkey Photo also included a large retail store in Manhattan: Willoughby and Peerless Camera.
Jac Holzman, who was the company's largest shareholder, said, "What was behind [the bankruptcy filing] was an accumulation of...ten years of corporate mismanagement".