$50 Million Wisconsin Color Press Files for Bankruptcy Protection
Press release from the issuing company
March 21, 2002 -- (WhatTheyThink.com) Wisconsin Color Press has filed for Chapter 11 bankruptcy protection this week and sources say the company may be sold to select members of management or another magazine printer within the next few weeks.
The company blamed a general slow down in the economy and pricing pressure in the print industry as competitors slash prices to get work. Additionally, sources say the company has been harmed by many of their clients publishing their catalogs on the Internet and printing “smaller quantities or fewer pages”.
Wisconsin Color Press has 250 employees and their plant is located in Milwaukee. The company had 2001 sales of about $50 million. Wisconsin Color Press is owned by several groups and individuals including the company’s CEO, Frederick Cappetta.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.