GREENVLLE — The Vertis facility in Greenville is not expected to be affected by a Chapter 11 bankruptcy filed by the company for the third time since 2008.
Vertis Holdings Inc. is a premier provider of targeted advertising and marketing solutions to leading retail consumer services companies, according to its website.
According to Bloomberg.com, the company filed for bankruptcy, stating it plans to sell to Quad/Graphics Inc., in part of a court-supervised auction.
Quad/Graphics, based in Sussex, Wisc., is a leading global provider for print and multichannel solutions for consumer magazines, special-interest publications, catalogs, retail inserts/circulars, direct mail and more, according to its website.
“We fully expect to operate our business as usual while we work to complete our Chapter 11 process and close the anticipated sale to Quad/Graphics,” said Vertis Chief Executive Officer Gerald Sokol Jr.
Sokol said approval was received on Oct. 12 “for a series of first day motions,” which allows the company to compete effectively in all areas. This includes the Greenville facility located at 1101 Industrial Park Drive.
“(We will) deliver on the commitments we made to our clients, pay employees for all the great work they do and maintain our relationships with suppliers,” Sokol said. “This is a great outcome for Vertis and for all of those who depend on our businesses as we remain an independent company and work toward the completes of the sale.”
Sokol said this time of year is the company’s biggest year and clients expectations are high.
“We expect to maintain our current workforce throughout the Chapter 11 and sales process,” he said when asked if jobs will be lost at the Greenville facility. “We will need all of our employees to continue to give their very best, and we know we can count on our Greenville team to deliver.”
Quad/Graphics will make an announcement with plans for integration following the completion of the sale. Vertis is expecting the majority of its plants will continue to operate with their current teams intact.