Landa Digital Printing has submitted a request to the court for a stay of proceedings to give the company the necessary time to find new investors.
Earlier this month, Landa announced that some of the shareholders who funded the company throughout the years had stopped providing funding immediately. This created ‘challenges’ for the company, prompting it to undergo a ‘strategic re-structure’, whilst seeking alternative funding (Israeli business and economics publisher Calcalist reports that the company has brought Deloitte in to assist).
The restructure, which is reported to be likely to see more than 20% of Landa Digital Printing’s workforce laid off (over 100 employees), is necessary in spite of recent growth reported by the company – ‘a 30% rise in press installations’.
Benny Landa
In a statement announcing the filing, Landa noted its continued support and dedication to customers, stating, “the company is completing the reorganization process and continues to place special emphasis on the success of its customers and will continue to serve them fully and continuously.” It further noted that all customers have been contacted and will continue to be informed of updates as they arise.
Widely acknowledged as the ‘father of digital printing’, Benny Landa and his team created the Indigo E-Print 1000 digital printing press in 1993, claimed to be the world’s first digital press. The Indigo press drew on technology used for the first digital print, released on watercolour paper in 1989 when a pre-press printer, the Iris 3047, was modified for inkjet printing an art reproduction for the very first time, thanks to the backing of Graham Nash, co-founder of the Crosby, Stills and Nash music group.
