Book-mart Press To Close

Courier Corp., a book manufacturer and specialty publisher, recently announced its decision to close Book-mart Press Inc., a short-run manufacturing subsidiary in North Bergen, N.J., and consolidate its one-color printing operations into other Courier facilities.

Acquired by Courier in 1997, Book-mart Press has 72 employees and approximately $7 million in annual sales. Between a weak economy and a changing competitive environment, Book-mart's capabilities had become increasingly redundant with those of other Courier plants.

The company estimates that the plant closing will be completed within the next 60 days, and that severance expenses and other related costs will total approximately $2 million ($0.10 per diluted share) over the next two quarters.

"We deeply regret having to make this announcement at such a troubled time in our national economy," said Courier Chairman and CEO James F. Conway III. "Yet it is that very circumstance that has made this action imperative. We appreciate the loyalty and professionalism of Book-mart's employees through the years, and we are determined to make every effort to help them through this inevitably painful transition. At the same time, I want to reassure Book-mart's customers that their work will remain in good hands at our other manufacturing plants, and our commitment to outstanding service is undiminished."

Courier Corp. publishes, prints and sells books. Headquartered in North Chelmsford, Mass., Courier has two lines of business: full-service book manufacturing and specialty book publishing.