Medallic hopes to re-open next week.
Employees at Dayton’s Medallic Art Company are expected back on the job next week.
CEO Bill Atalla said Friday 110 employees were laid off on Dec. 29. He said if an investor meets financial milestones, the company will be out of bankruptcy and all the employees would be hired back — as early as next week.
“They know if this investor doesn’t perform, they need to go out and look for new jobs,” Atalla said. “These people really love their jobs. The people are really skilled. To be there, it’s like a big family.”
He said if all that goes according to plan, they’re going to rename the company Medallic Art and Mint.
“What we all know is we’re waiting for this investor to perform some financial milestones. If that occurs in the next couple days we should be able to put the company back together without an issue,” he said. “If not, that is our last hope, because we don’t have anybody else at this time to step in in a timely fashion.”
Medallic Art Company was founded in 1903. It moved to Dayton’s Airpark Boulevard in 1997.
Medallic Art Company was a division of Northwest Territorial Mint LLC, after being bought in 2009. Northwest Territorial Mint LLC sought bankruptcy protection in 2016 for its coin-and-medallion-making operations after it was forced to pay part of a $38.3 million defamation award to a Los Angeles businessman and his real-estate firm.
Northern Nevada Business Weekly reporter Kaleb Roedel contributed to this report.