You Tube

Skip Navigation LinksNews > Legal > WorkflowOne Set To Exit Chapter 11
Printer Friendly

WorkflowOne Set To Exit Chapter 11
Vol. 794 
March 1, 2011

Under the approved reorganization plan, WorkflowOne's total debt will be reduced by approximately $149 million, and its cash debt service will be reduced by about $50 million annually. According to WorkflowOne officials, the company will emerge from five months of bankruptcy without forced layoffs or reductions of salaries or benefits. Today, the Dayton, Ohio-based company employs about 2,200 people, close to the same number it did at the time of the Chapter 11 filing. “We are grateful for the continuing support of our employees, business partners and customers,” said Dave Davis, CEO of WorkflowOne. “Our strengthened financial position gives us added flexibility to invest in our business and provide innovative solutions to our customers.”

In September, WF Capital Holdings Inc., Workflow Management Inc. and other affiliated holdings listed debt of up to $500 million, prompting the bankruptcy filing. More than 50,000 creditors were reported in court documents, with the company’s 30 largest unsecured creditors owed, at that time, more than $40 million.

Currently, in the ad specialty industry, WorkflowOne ranks as the 13th-largest distributor. It recently reported its 2010 North American ad specialty revenues to Counselor as $78.95 million, a decrease of 4.6% from 2009. “December of 2010 was our largest sales month of the year and business has been great at the start of this year, too,” said Grippando. “We’re on pace to be over $90 million as a division in 2011. We want to become a $100 million division.”

Sponsored By:

Making You Money: What ASI is all about.

Promotional products, also known as ad specialties, make up a $20.5 billion dollar industry and are used by virtually every business in America. Why? Items like mugs, pens and t-shirts are memorable and provide a better cost per impression for advertisers than almost every major marketing effort like prime time TV, magazines and radio.

With so many businesses buying ad specialties there is a huge opportunity for professionals looking to make great money running a promotional products distributorship. It’s easy and inexpensive to get started and you can work from home.

© 2014, The Advertising Specialty Institute®. All Rights Reserved.

  • A business opportunity to reinvent your career in an exciting field
  • Work at home - for yourself - not by yourself
  • Make money selling ad specialties
  • Partner with a time-tested industry leader
  • Get started instantly with all the tools you need