Connect with us

News

44-Year-Old Signshop Owned by Billionaire Shuts Down

It’s the first company the renowned businessman has ever had to pull the plug on.

mm

Published

on

Signcraft Signs & Things (Naples, FL) is shutting down after more than 40 years in business, Naples Daily News reports.

The shop, which was acquired in 2018 by the Hoffmann Family of Companies, led by billionaire David Hoffmann, is closing for several reasons.

Previous owner Michael Boyd, who continued to run Signcraft after its acquisition, wants to retire and doesn’t have a clear successor. Also, the lease on the company’s offices is approaching expiration, and moving elsewhere would be both costly and time-consuming, the article explains.

Most importantly, the business hadn’t made a profit since it changed hands. “The company has lost money every year we’ve owned it,” Hoffmann told the outlet. “It just didn’t make economic sense to keep it going.”

Hoffmann has owned about 200 companies in his career. “I’m 70, and this is the first company I’ve ever had to shut down – ever,” he added.

Founded in 1978, Signcraft had less than 20 employees but is operating with a skeleton crew to complete all outstanding jobs. The other employees have been offered the opportunity to work for another Hoffmann-owned company, the article says.

Advertisement

Read more at Naples Daily News.

Signs of the Times has been the world leader in sign information since 1906. Contact Signs of the Times' editors at editor@signsofthetimes.com.

Advertisement

SPONSORED VIDEO

Find it here! ISA Sign Expo 2023

Whether you're looking to grow your business or advance your career, ISA International Sign Expo® 2023 is the only place to find everything you need to be successful in the sign, graphics, print and visual communications industry.

Promoted Headlines

Most Popular