SEVERNA PARK, Md. (AP) — A Severna Park manufacturing company is laying off 500 workers worldwide.
The Capital reports that Dynasplint Systems Inc., which designs and creates splints for physical therapy, alerted workers on Tuesday.
Founder George Hepburn says he owed BB&T Bank $10 million on a line of credit. He told employees in a letter that he had to temporarily lay off about 70 percent of the workforce after the bank used $1 million he intended for paychecks to pay down his debt.
Hepburn says Dynasplint will work with 30 percent of its workforce for three months while the remaining debt is repaid and he hopes to return to full operations in October.
Dynasplint’s main headquarters are in Severna Park, but it has operations worldwide, including Europe and Canada.
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