SEVERNA PARK, Md. (AP) -- Physical-therapy splint maker and designer Dynasplint Systems Inc. is laying off 500 workers worldwide.
The Capital reports the Maryland-based manufacturing company alerted workers 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 had earmarked for payroll to pay down his debt.
Hepburn says Dynasplint will operate with 30 percent of its workforce for three months while the remaining debt is repaid. He said he hopes to return to full operations in October.
Dynasplint's main headquarters are in Severna Park, Md., but it has operations worldwide, including in Europe and Canada.
More from MBTMag.com
China Spying On U.S. Businesses
N.Y. Firearms Maker Blames New Law For Move
Chinese Inaction Gives Technology Thieves A Shield