Transcontinental Inc. announced that, effective April 2, 2018, TC Transcontinental will transfer to Hearst the printing operations of its Fremont, California facility where Hearst's San Francisco Chronicle — the largest newspaper in Northern California and the second largest on the West Coast — and its related products are printed, and post-press services are conducted. Under the terms of the agreement, TC Transcontinental will continue printing the newspaper in Fremont for a transition period. TC Transcontinental will receive a cash payment of US$42.8 million from Hearst as compensation for the early termination of the printing agreement, for the sale of some of its printing equipment, and for services to be rendered as part of a Transitional Service Agreement. The amount will be received mainly in 2017, and the balance in 2018. Click Read More below for additional information.
Two years after returning to local ownership, a 31-year-old direct mail and printing company has apparently ceased operations.
Employees of Henrico-based Colortree Group arrived at work Monday to find the doors of the company’s headquarters locked. Some who were gathered in the company’s otherwise empty parking lot at 8000 Villa Park Drive said they received no notice of the move.
“They didn’t tell us anything,” said Voeurn Long, a press assistant who said he had worked at Colortree two years. “I came to work expecting to work, but I didn’t realize they’d just close.”
Raymond Sprouse, a pressman at Colortree just over two years, said an email went out Monday morning with a number for employees to dial to listen in on a call. He said the call conveyed that the company no longer was financially capable of keeping its workers employed.
Sprouse said the company had told employees awhile back that it was having financial difficulties.
“We didn’t know it was this bad,” he said.
Front doors to Colortree’s administrative offices and a restricted area were locked as of 3 p.m. Sprouse said the call was held a few hours earlier.
more detail at source: https://richmondbizsense.com/2019/06/04/local-printer-shuts-doors/