JANUARY 22, 2021 — PLANT CLOSURE IN SPARTANBURG, SOUTH CAROLINA WITH 400 PERMANENT LAYOFFS
The closure should not come as a surprise because the company was acquired by Greenwich, Connecticut-based Atlas Holdings and the closure is part of the inevitable restructuring. The plant’s operations will be transferred to other facilities.
According to a company spokesperson, "This decision was made after careful analysis of the marketplace, competitive conditions, our customers' needs, and our open capacity. We are working to assist our impacted colleagues as they transition to new opportunities."
SEPTEMBER 12, 2020 — PLANT CLOSURE IN KENDALLVILLE, INDIANA WITH 307 PERMANENT LAYOFFS
The company has decided to permanently close its gravure printing facility in Kendallville Indiana due to the continued deterioration of market conditions. The closure will affect 307 employees, commencing October 1, 2020.
The company has been mismanaged and is in extreme financial distress with its shares being adjudicated worthless in a bankruptcy procedure.
NOVEMBER 22, 2019 — Original Post…
Chicago, Illinois-based LSC Communications, a major commercial printer and 2016 corporate spin-off from the iconic publisher RR Donnelley, has announced plans to shutter its Philadelphia, Pennsylvania printing facility that is one of the major bible printers in the United States. The closure will affect 174 employees and is scheduled for December 2019. Bible production and the printing equipment will be moved to the company’s other bible printing facility in Crawfordsville, Indiana.
Even though the Bible remains a top best-seller, the market appears to be shrinking as readers turn to bibles in an electronic format. According to a union spokesperson whose graphic arts union represents the unionized workers, “They say the Bible business has really gone soft, and their warehouses are full.
The company which appears to be grossly under-performing, and under extreme financial stress, is in danger of being delisted from the New York Stock Exchange if its stock price remains under $1.00. The company’s proposed merger with Sussex, Wisconsin-based Quad Graphics was blocked by the Department of Justice on anti-trust grounds.
The company is ripe for a takeover by an activist investor, some of whom are actively investigating under-performing assets.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?