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Standard Register files Chapter 11 bankruptcy

Dayton-based Standard Register has filed Chapter 11 bankruptcy.

In the announcement Thursday, the company also says it's entering into an acquisition agreement with Silver Point Capital - a private investment firm. The purchase price is about $275 million.

Standard Register says the sale should right-size the company's balance sheet. It was hit hard by the declining print market.

“Standard Register has a fundamentally stable underlying business with a large, diverse customer base and a strong portfolio of solutions that include integrated communications, product marking and decoration (labels), document management, promotional marketing and technology/professional services, but our ability to invest in growth has been hampered by our debt structure and legacy liabilities,” said Joseph P. Morgan, Jr., president and chief executive officer.
“The Board and management team have conducted a rigorous assessment of all of our strategic options and believe that this process represents the best possible solution for Standard Register. We are grateful for the support of our lenders and have sufficient financing to fund our operations as we complete a process that should result in greater flexibility for investment in the future,” concluded Mr. Morgan. “We are thankful to our dedicated employees who continue to work diligently to deliver value and a high level of customer service.”

Just last week it was downgraded from the New York Stock Exchange to the over-the-counter Pink Marketplace.
 

Senior Editor and reporter at WVXU with more than 20 years experience in public radio; formerly news and public affairs producer with WMUB. Would really like to meet your dog.