Milwaukee-based First Edge Solutions has filed a petition in Milwaukee County Circuit Court for chapter 128 receivership.
First Edge, founded in 2003, is a multi-channel communication, print and document management provider with production facilities in Phoenix and Atlanta and satellite offices in Chicago, New York and St. Louis. It has 75 employees, 52 of whom are based in Wisconsin. In May 2014, First Edge acquired Milwaukee-based Proven Direct, an on-demand marketing, document output services and photo book publishing company, and moved its headquarters to 1301 W. Canal St. in Milwaukee.
First Edge attributed the filing to the impact of the changing health insurance industry, which was a core part of its business. The company remains operational and expects to retain all jobs and continue to accept and fill orders.
“Today’s filing in Milwaukee County Circuit Court gives us the time and framework to reposition while we continue to operate our business and serve our clients,” said Bobby Kraft, president and chief executive officer of First Edge. “It is part of a strategic business effort to reposition the company for new growth and success.”
Kraft and an undisclosed investor group in October acquired World Marketing Inc., the marketing and direct mail division of Omaha, Neb.-based Berkshire Hathaway’s Media Group. Kraft moved World Marketing’s headquarters and administrative operations to 1301 W. Canal St., where four new positions were created. World Marketing’s Atlanta, Chicago and Dallas plants and St. Louis office continued to operate, and Kraft became CEO of World Marketing, which has about 450 employees.
First Edge has “identified a buyer who intends to submit a bid to purchase the company’s assets and retain First Edge Solutions’ employees under its new ownership and operation of the business.”
Attorney Michael Polsky is the court-appointed receiver of First Edge. The court will determine the winning bid for the sale of the company’s assets. A bid deadline has not yet been set.
