National Envelope, which has filed for Chapter 11 bankruptcy, has obtained more than $65 million in financing to keep the company afloat and avoid massive layoffs as it continues seeking a buyer. Based on a letter the company sent to the Texas Workforce Commission, it was planning to lay off some 1,600 employees at 11 facilities if it did not secure funding by Aug. 6. The company was founded in 1952 and is the largest private maker of envelopes in North America. The envelope industry is impacted by the declining use of the Postal Service, according to industry observers.
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Want to see which jobs are available near you? Click here to see.National Envelope Avoided Layoffs, Still Seeking for Buyer by Harrison Barnes