Brant Instore Corporation

Brant Instore Corporation, a Brampton, Ontario-based company providing a wide range of print solutions to North American retailers, was placed in receivership on December 20, on application by BMO, owed approximately $13 million. 139 people are employed with the company, including 97 unionized workers. Due to challenges faced by brick-and-mortar retailers in recent years, including the rise of e-commerce, and more recently the COVID-19 pandemic, the company has suffered declining sales and the loss of key customers, resulting in continued financial losses, which, since 2019, total approximately $16 million. KSV was appointed receiver. On the same day, a pre-pack sale of the company's assets, including all or substantially all of the company's employees, to 1000369798 Ontario Inc. was approved. Aird & Berlis is counsel to the receiver, Davies is counsel to BMO, McMillan is counsel to the company and Osler is counsel to the purchaser. By Dina Milivojevic

JJK Print Inc.

JJK Print Inc., which operated as a flexible package label printer in Leamington, Ontario, filed an assignment in bankruptcy on September 20. The company’s struggles commenced during the Covid-19 pandemic, as many of its customers were negatively affected by the various challenges brought about by the pandemic. In 2021, Farm Credit Canada obtained a judgment against the company and an order directing the Sheriff of Windsor to take possession of the company’s main asset, its flexo film press. FCC retained an auctioneer, resulting in a sale of the press for $586,000 USD, leaving approximately $425,000 CDN owing to FCC on an unsecured basis. Dodick Landau is the bankruptcy trustee. By Dina Milivojevic

PointOne Graphics Inc. (“Graphics”)

PointOne Graphics Inc. ("Graphics"), an Etobicoke, Ontario-based supplier of a range of print and finishing services, was placed in receivership on May 10 on application by PointOne Holdings Inc. ("Holdings"), owed approximately $8.8 million. In 2017, RBC extended a loan to Graphics. In 2019, after RBC brought an application to have a receiver appointed over Graphics and Holdings, Holdings paid approximately $5.6 million to RBC and took an assignment of the debt. Goldhar was appointed receiver. Counsel is Lipman, Zener & Waxman for Holdings. By Dina Milivojevic

Renaissance Printing Inc.

Renaissance Printing Inc., a Toronto, Ontario-based industrial printer that provides premium services to publishers and marketers, was placed in receivership on July 30 on application by Michael Vernon Fredericks and Sue Fredericks, owed approximately $3.0 million. Since 2019, the company has faced serious financial difficulties and cashflow problems and has not been able to meet its obligations as they become due. EY was appointed receiver. Dentons is counsel for the applicants.

Trade Secret Web Printing

Trade Secret Web Printing, a Toronto, Ontario-based printing company, filed an NOI on November 26, listing approximately $12.0 million in liabilities, including $1.3 million to CRA and $1.4 million to Clifford Paper. Prior to the NOI filing, a related party advanced approximately $2.0 million to the company to take out the secured debt owing to BMO. The same party will be advancing a DIP loan and acting as the stalking horse bidder in the company's upcoming sale process. Crowe Soberman is the proposal trustee. Counsel is Blaney for the company, Stikeman Elliott for the proposal trustee and Chaitons for Clifford Paper.

Skyline Sign Service

Skyline Sign Service, an Edmonton, Alberta-based signage company, filed an NOI on October 9, listing $580.0 thousand in liabilities, including $436.5 thousand to CRA. The Bowra Group was appointed proposal trustee.

Joe Books

Joe Books, a Toronto, Ontario-based leading independent publisher of graphic novels, comics and novels, filed for bankruptcy on March 1. FTI Consulting is the bankruptcy trustee.

Boss Logo Print & Graphics

Boss Logo Print & Graphics, a Markham, Ontario-based trade printer was placed in court-appointed receivership on September 4, on application by TD, owed approximately $3.3MM. The company then filed for bankruptcy on September 14. Established in 1995, the company evolved into an industry leader in online trade-printing services. Despite recently purchasing additional presses and other equipment, the company has been unable to recover from the financial difficulties it experienced over the past several years. MNP is the receiver and bankruptcy trustee. Counsel is Aird & Berlis for TD and Lerners for MNP.

Safety Seal Plastics

Safety Seal Plastics, a Guelph, Ontario-based supplier of shrink sleeve labels and other specialty printed products to the sports nutrition, craft beer, food and other industries, was placed in receivership on August 7 on application by HSBC, the company's secured lender. The company also received a $1.5MM loan from BDC as well as equipment financing from RBC and Hewlett-Packard Financial Services Canada. In January 2018, Deloitte was retained as financial consultant to HSBC and determined that the company was out of margin on its credit facilities by approximately $1.1MM. The company's board of directors had also discovered that the company's then-president had repeatedly provided them and the shareholders with misleading financial information, documents and statements, and had misappropriated company funds for personal purposes and caused the company to enter into various transactions with parties related to him. These dealings contributed to the company's current liquidity crisis. In February 2018, the company ended its relationship with this individual, and, while under a forbearance agreement, sought to effect a refinancing or investor transaction. The process led to the company entering into a letter of intent for Labelink Products to acquire substantially all of the company's assets pursuant to a receivership proceeding. Deloitte was appointed receiver. On the same date, the court approved the transaction with Labelink. Counsel is TGF for the applicant, Chaitons for the company, Goldman, Sloan, Nash and Haber for Deloitte and Aird & Berlis for RBC.

Reliable Bookbinders

Reliable Bookbinders, a Scarborough, Ontario-based binding servicing and printing company with a 73-year history, filed for bankruptcy on May 14 and was also placed in receivership on the same day. The company's failure can be attributed to the decline in the printing industry, which has affected trade binderies and resulted in reduced sale volumes and price pressures. PwC was appointed receiver and is the bankruptcy trustee.