MONTREAL—Pazazz Printing last week filed a Notice of Intention to restructure the company under the Companies' Creditors Arrangement Act. President Warren Werbitt says he plans to file a proposal soon for how he plans to restructure and recapitalize the company.
"We're a victim of 2009," says Werbitt, who gained YouTube fame in 2008 in a video called The Print Fanatic. "I feel certain that I made all the right decisions in 2008, but I didn't have a crystal ball." He said the company encountered a variety of issues, including a sales snag in December 2008 and January 2009, coupled with some operating inefficiencies.

However he said he wants to tackle this in a proactive way and said he has received much support from suppliers, clients and other colleagues when he told them the news.

Pazazz made some significant investments totalling more than $6 million in 2008 including moving to a new 65,000 sq. ft. facility and installing a 56" KBA UV press.