Dynasplint lays off 70 percent of workforce worldwide
A Severna Park manufacturing company has laid off over 500 employees worldwide.
The Capital Gazette reports that Dynasplint Systems Inc., which designs and creates splints for physical therapy rehabilitation, broke the news to employees on Tuesday.
The layoff includes 270 positions in Severna Park and another 50 positions at its Eastern Shore plant.
In a letter to employees, founder George Hepburn said he owed BB&T Bank $10 million on a line of credit. He said he had to lay off about 70 percent of the workforce after the bank used $1 million intended for paychecks to pay down his debt.
Hepburn says Dynasplint will work with 30 percent of its workforce for three months while the debt is repaid. He hopes to return to full operations in October.
READ MORE: capitalgazette.com