Cannon Paper will close after February 27

Feb 24, 2009. /Lesprom Network/. The Cannon Paper Company’s last day of normal business will be February 27, as The Toledo Free Press informed Lesprom Network. Tony Cannon, President of Cannon Paper Company, which has been operating for nearly 60 years, confirmed the facility is closing due to a competitor in Michigan acquiring its book-publishing division. In a letter to employees, customers and vendors, Cannon wrote that sales and deliveries will continue on a limited schedule after February 27 until their inventory is depleted. The decision has the approval of the Board of Directors, Cannon wrote, and the company “will be able to cover all short term and long term debt. Simultaneously our company will be aggressively collecting our receivables, and liquidating our assets. These actions will benefit our creditors and will allow us to exit the marketplace with the esteem all our business partners have been accustomed to over the years from The Cannon Paper Company.” Cannon said it is a sad day for the company and 21 employees will loose their jobs. The paper company has served Toledo since 1952.