Stationery wholesaler closes, laying off 50 workers

<p>A Savannah-based wholesaler of stationery, stickers and scrapbook supplies announced it was closing its doors and laying off its 50 employees.</p><p>Officials with Frances Meyer Inc., which opened in Savannah Industrial Park in 1986 and during the 1980s claimed 5,500 retail outlets, said Thursday the company was closing immediately.</p><p>Attempts to reach company owner Frances Meyer were unsuccessful, but attorney Jim McCallan said the company had mounting debt and lacked enough cash flow to attempt a bankruptcy reorganization.</p><p>The company was not operating at a profit, he said. Its debt owed to secured creditors far exceeded its assets pledged to secure those debts.</p><p>Human Resources manager Wanda Rollf said the announcement came as a surprise: It was a shock to everybody, she said.</p>

http://accesswdun.com/article/2003/12/180955