Integrated Plastics Ltd. of Scarborough, Ontario, has ceased operations, declaring bankruptcy July 5, according to Canada's Office of the Superintendent of Bankruptcy.
The blow molder and injection molder had been in business since 1967, founded by the Shaw family. It made sports-related equipment and lawn and garden products, said J. Neysmith, spokesman for the firm's private-investor shareholders.
Sales in the late 1990s reached eight figures, Neysmith said in a July 13 telephone interview.
``From then on, it's been downhill, because of [resin] prices,'' he said. Integrated Plastics suffered its first major setback a few years ago when one of its major customers filed for bankruptcy.
The firm operated out of one facility in Scarborough, with roughly 80 employees.
Its lender, RBC Financial Corp., demanded a payment in March.
``We honored that debt by selling our real estate assets,'' Neysmith said. ``Unfortunately ... it's hard to find a new lender when you have a balance sheet with a big hole in it.''
Canadian bankruptcy officials said Integrated Plastics had assets of C$2.4 million ($1.98 million) and debt of C$7.3 million ($6 million). Its roughly 30 machines are in the hands of the bankruptcy trustee, Grant Thornton Ltd. of Toronto.