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4 June 2025
Trico Files For Bankruptcy
OTTAWA—
Trico Packaging & Print Solutions Inc. has filed for bankruptcy. First meeting of creditors was set for June 4th . Total liabilities is $5,652,832 and assets are listed at $442,914 with a short fall of over $5 million. The largest creditor is Scotia Bank (Roynat) at over $2.5 million. Also included are associated companies (not directly owned by Trico) Canadian Printing Resources at $149,000 and Maracle Press at $452,000. The owner was owed $454,000.
Trico had reduced its space from 60,000 sq. Ft to 5,000 sq. Trico had moved production to Maracle Press in Oshawa which operates 24/5. Michael Hothi former owner said " The situation at Trico is unfortunate. A steep decline in revenue based on the exit of mask sales, which began during Covid and the departure of a major client had financial impact that the business just could simply not burden." He claims " Scotia Bank and Roynat are listed within the Trico receivers documents, they continue to provide ongoing support in the other areas of my business as they always have."
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Michael Hothi was personally owed $450,000 by Trico
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Trico staff remain employed in the new Ottawa location, some but not all, transitioning to Maracle employment.
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Comments (5) Post a Comment
Comments:
5. D.m. says:
10 June 2025 at 10:14 AM
This is why as an owner of a good printing company, you really need to do your own due diligence on who's buying you and dig deep into their past to see if it will really work out as great as the acquisition company putting together the deal says and as well as what the purchaser says too! Because once commissions & shares are all allocated and the deal is now exposed as the sham it always was, the good printing company and it's employees are left victimized.
4. Honesty And Integrity says:
6 June 2025 at 8:00 PM
Any employee that works with him should seek employment elsewhere.
3. Andre says:
6 June 2025 at 5:36 PM
Maracle Press has been on a downfall since he bought it. He has been cutoff by paper suppliers and now can not even get plates. Took over a company that is 100+ years old and ruined it in less than a year.
2. Captain Crunch says:
6 June 2025 at 11:12 AM
Well based on all the comments about these companies in the last news this is certainly not a surprise... I had hoped these kind of companies were gone!
1. Canada Post Revenue Generator says:
5 June 2025 at 9:19 AM
from a previous story
Michael Hothi, owner of Ottawa-based Trico Packaging and Print Solutions, and Toronto-based Canadian Printing Resources, acquires Maracle Press, a full-service print provider based in Oshawa, Ont.
Established in 1920, Maracle specializes in serving clients in the education, publishing, and financial sectors.
This agreement marks a significant milestone for Hothi, representing his seventh acquisition since 2022 and further enhancing his print solutions portfolio.
“I am thrilled to welcome Maracle into our family of companies,” said Hothi. “Maracle’s rich history, dedication to quality, and esteemed reputation perfectly complement our existing operations. This acquisition enhances our ability to serve clients across diverse industries and reinforces our position as a leading print solutions provider in Canada.
And now this story refers to Hothi as previous owner? It's great to be able to build up a so called empire until things go sideways and then walk away leave everybody hanging. He missed his true calling as a penny stock promoter
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