SOUTH AUSTRALIAN PRINTER GOES UNDER AND LEAVES GLOSSY MAGAZINES IN THE LURCH
January 7th 2008 09:47
An Adelaide Australia printer of glossy magazines has gone into voluntary receivership, leaving most of its staff and local publishers in the lurch, according to a report in The Australian newspaper.
StateWeb Printing called in administrators Ferrier Hodgson on Wednesday amid mounting losses blamed partly on under-capitalisation.
Among its clients are News Limited title The Advertiser newspaper's Adelaide Magazine and a spin-off of Fairfax's Domain real estate lift out, produced by the local Independent Weekly, which must scramble to find alternative contractors.
South Australian Premier Mike Rann lauded the opening last year of StateWeb's printing plant at Torrensville as a vote of confidence in the state's business environment.
But it was unable to overcome its terminal under-capitalisation problem in the highly competitive glossy magazine and leaflet sector.
- From MediaBlab
StateWeb Printing called in administrators Ferrier Hodgson on Wednesday amid mounting losses blamed partly on under-capitalisation.
Among its clients are News Limited title The Advertiser newspaper's Adelaide Magazine and a spin-off of Fairfax's Domain real estate lift out, produced by the local Independent Weekly, which must scramble to find alternative contractors.
But it was unable to overcome its terminal under-capitalisation problem in the highly competitive glossy magazine and leaflet sector.
- From MediaBlab
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