Padgett Printing Is ClosingAugust 2011
DALLAS—Padgett Printing, a commercial printing, packaging and direct mail specialist with business roots that trace back more than 100 years, is winding down toward a closure, President and CEO David Torok has confirmed. At press time, no date had been set for the shutdown of the company, which employs about 65 people.
Torok cited a number of factors that prompted Padgett—which ranked 259th on the 2010 Printing Impressions 400 list with sales of $16.9 million—to shutter its doors. Along with the pain felt by the global recession and a reduction in direct mail, Torok said the company had never quite recovered from an embezzlement six years ago. A December 2010 sales contest also backfired via unprofitable work, and this past February's terrible weather led to a severe lack of revenue for that month.
"We got into a liquidity crisis because we couldn't get revenue to meet operating costs," said Torok, a 2007 inductee into the Printing Impressions/RIT Printing Industry Hall of Fame. "It's a matter of reduced sales and reduced margins. It's really sad."
Padgett maintained its high-quality printing standards to the end. It was the overall winner in the 2011 PIA Mid America GRAPHEX award competition. The company won "Best of Show," Division III Platinum, Digital Gold and five best of category awards.