Scotsman Media Group to close printing operations, 90 laid off
Fri, 27 Jun 2014 19:06:38 GMT —
The Scotsman Media Group, which prints several Central New York publications, will be closing its two printing operations.
Scotsman Group announced the closure of its printing operations in Syracuse and Chenango Bridge, which will cost about 90 people their jobs.
The Valley News in Fulton will not be impacted by the closures, Scotsman says.
Company president William Veit said he told more than 100 customers including the Cornell Daily Sun, the Daily Orange and the Catholic Sun that they will need to find another printer.
Scotsman Press produced Today's CNY Woman magazine, the Finger lakes Vacationer and the "$ In Your Pocket" coupon book. Viet said those publications will end as well.
Viet said the closure had nothing to do with the ongoing problems in the newspaper industry and that printing revenues increased 3 -4% over the last year. Viet said the company was unable to refinance existing debt and an offer for him to purchase the company collapsed this week over financing issues.
â??The closing of the Scotsman Media Group is not a reflection of the ability or skills of the companyâ??s leadership or employees. The result is due to unforeseen business circumstances beyond the companyâ??s controlâ??, said Veit.
The company's equipment in Syracuse and Chenango Bridge will be liquidated to pay off the companies debt.
The Scotsman Media Group has been serving hundreds of publishers since 1954
. Its business was built around the Pennysaver publication, which ceased publication last year.
Printing will cease on July 3.