Rapid Files for Chapter 11 Bankruptcy, Plans Comeback
Paul Gatling of Talk Business & Politics reports that Rapid, a manufacturer of corrugated packaging and display prototypes, has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, citing lingering business hurdles associated with the COVID-19 pandemic.
In a letter on Rapid’s website, Kyle Jack described his journey from his very first job in the printing industry to building Rapid into a corrugated converter and printer capable of servicing the national brands that supply retail behemoth Walmart. “I began my career in printing knowing early that I wanted to own a business if that opportunity was afforded to me,” Jack writes. “My time and dedication to that family-owned business built the relationships with area leaders that would create that opportunity I had longed for. I felt inspired by the respect and admiration of the owner of my first job at a printing company.”
Jack goes on to describe those exciting and challenging first days when “we worked 48 hours straight to meet the needs of our clients and lived off of lots of pizza deliveries.” He also expresses gratitude to be in a 25,000-sq.-ft. facility in the heart of Bentonville, Arkansas.
As much as his hard work and careful planning helped Rapid to grow, Jack could not anticipate the knock-down effects of the COVID-19 pandemic, including the loss of a major account, which was acquired by a company with in-plant printing services.
Read the full article about Rapid’s journey as the printer seeks to reorganize its debts and continue to serve the CPGs and other brands supplying Walmart at Talk Business & Politics