News 29 October 2014
General Printers files to restructure its business
General Printers filed a motion of intent to make a proposal to restructure under the Bankruptcy and Insolvency Act. The motion was filed on Friday, PrintCAN has learned. According to industry sources, some sales reps and customer service reps have moved to the Lowe Martin Group at its Mississauga location, but PrintCAN has confirmed that president, Wayne Moir, is now at Lowe Martin. Only a handful of employees remain at the General Printers location.
Staff was apparently notified in late afternoon on Friday that the company was "bankrupt" and they should not come back to work.
Harris & Partners Inc. has been appointed bankruptcy trustee. General Printers now has 10 days to put together a cash flow statement and file it with the Superintendent of Bankruptcy, and 30 days to compile a creditor proposal. The receiver cited a downturn in business, a cash crunch, and the inability to meet financial obligations as they came due, as reasons for the filing.The receiver added that "The company intends on realizing on its hard assets by public tender or auction. The best method for realizing on the hard assets has not yet been established."
Calls to General Printers owner David Fors have not been returned.
General Printers, an employee-owned shop with a staff of about 70, started operations in 1951. It's focus has been on traditional commercial and publications printing, but it also offered design and production services, digital variable data printing, kitting, fulfillment and mailing distribution.
More details will come as they become available.
Staff was apparently notified in late afternoon on Friday that the company was "bankrupt" and they should not come back to work.
Harris & Partners Inc. has been appointed bankruptcy trustee. General Printers now has 10 days to put together a cash flow statement and file it with the Superintendent of Bankruptcy, and 30 days to compile a creditor proposal. The receiver cited a downturn in business, a cash crunch, and the inability to meet financial obligations as they came due, as reasons for the filing.The receiver added that "The company intends on realizing on its hard assets by public tender or auction. The best method for realizing on the hard assets has not yet been established."
Calls to General Printers owner David Fors have not been returned.
General Printers, an employee-owned shop with a staff of about 70, started operations in 1951. It's focus has been on traditional commercial and publications printing, but it also offered design and production services, digital variable data printing, kitting, fulfillment and mailing distribution.
More details will come as they become available.
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