Arandell Holdings Inc., the third biggest commercial printer in the U.S., has filed for bankruptcy after facing business disruptions from the coronavirus pandemic and operational problems at a printing facility in Kentucky, WSJ Pro Bankruptcy reported. The 100-year-old company is a major producer of shopping catalogs and counts some big retailers as customers, according to papers filed in U.S. Bankruptcy Court in Wilmington, Del. Store closings, supply chain disruptions since the coronavirus pandemic began and increasing online shopping also hurt Arandell, Chief Executive Bradley Hoffman said in a declaration filed with the court. The Menomonee Falls, Wis.-based company, owned by Hoffman and a handful of key employees, is looking for a buyer while in bankruptcy and will sell or close the Kentucky plant. At a hearing on Friday in Wilmington, U.S. Bankruptcy Judge John Dorsey approved a bankruptcy loan of up to $7.5 million from CIBC Bank USA, Arandell’s top lender, on an interim basis. The company will have immediate access to only $600,000 under the CIBC revolver loan, since it drew down on $6.7 million of the CIBC credit line before filing for chapter 11 protection on Thursday.
