Sunny Days Returning for Printer?
MAZOMANIE, WI—For the employees of Sunny Industries, it was a case of Christmas in February. The company’s acquisition from receivership by Synergy Graphics may not constitute a miracle, but the workers will settle for getting their jobs back.
It was a sad time for Sunny—reportedly being sued by creditors who were owed more than $7 million in equipment and related costs—when it closed down only days before Christmas, leaving 380 workers without jobs. At the time, company President Mike Spitz was not optimistic that a buyer could be found.
Enter Synergy Graphics of Fridley, MN, which posted the winning bid of $7.8 million at auction on February 1. At press time, the company was slated to reopen when the deal closes February 10. A lion’s share of the workers are expected to be rehired.
According to the Associated Press, GE Capital and CIT Group/Equipment Financing filed separate suits against Sunny last summer. GE Capital will receive $1.06 million and CIT will get $3.7 million from proceeds of the sale.