WINNIPEG—A subsidiary of Printcrafters in Winnipeg will carry on after being bought by its employees. Printcrafters, along with its affiliates, Dave's Quick Print and Globally Boundless, went into receivership last month.

But while the future of Printcrafters is still up in the air, Dave's Quick Print has a new start, said Carol Cadigal, executive assistant at receiver Ernst & Young. "Two employees purchased it and the name to keep it in business," she said.

Meanwhile, Printcrafters' inventory will be auctioned off, but Cadigal didn't have further details.

Printcrafters owes $4.4 million to Royal Bank of Canada, $1.2 million to CIT Financial Ltd., and more than $2 million to Xerox as well as unspecified amounts to a number of other secured creditors, according to documents from Ernst & Young, who took possession of the company’s assets on April 6.