CARLSTADT, NJ—Pictorial Offset Corp., a 78-year-printing company here, has notified state labor officials that it will lay off its 113-member workforce and cease operations in two weeks.

The company says the reason for the closure is due to its inability to meet the demand of Bank of America to repay a $2.9-million line of credit, according to The Record.

Don Samuels, one of three brothers who manage the company, says Pictorial took out the credit line to help it get back on its feet after Hurricane Sandy caused flooding damage at its Amore Avenue building and shut the business for a month.

"Bank of America became very aggressive after the second anniversary of the storm," he says and filed suit in December.

"The company has neither a sufficient amount of current work nor sufficient expectation of future work to continue operating," the company stated in filings with the New Jersey Department of Labor and Workforce Development in compliance with the federal WARN Act.

Pictorial filed suit last August against its insurance company, Zurich American Insurance Co. of Illinois, demanding $37 million for storm-related damage. See story in The Record.

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Long-Time Printing Firm Shutting Down

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