26 April 2011
Printcrafters in receivership
WINNIPEG—Printcrafters and its subsidiaries have gone into receivership, putting a reported 125 or more employees out of work.

The commercial printer owes $4.4 million to Royal Bank of Canada and $1.2 million to CIT Financial Ltd., and more than $2 million to Xerox as well as unspecified amounts to a number of other secured creditors, according to documents from receiver Ernst & Young Inc., who took possession of the company’s assets on April 6. The book value of the Printcrafters group's assets have been valued at just over $8 million.

The receiver noted in the statement it does “not anticipate that there will be any funds available for distribution to unsecured creditors.” Printcrafters owned Dave’s Quick Print and Globally Boundless, both which have also gone into receivership, according to statements.

Owner Bob Payne was not immediately available for comment on the matter.Printcrafter’s website explains Payne launched the business in 1996 with one press “and a heart full of determination”. In 2009 Printcrafters posted revenues of $20 million according to Graphic Monthly's Gold List.

Along with Dave’s Quick Print and Globally Boundless, Printcrafters also bought Westcan Printing Shop and Kildonan Printing, according to the Free Press report.

 

 

— Jeff Hayward
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