Vermont Plywood goes out of business

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Vermont Plywood of Hancock has gone out of business, putting 35 people out of work.


CEO Dan Davis says he was unable to satisfy bank demands for cash or a new buyer.


Davis says the market is down at the same time that there’s increased competition from China.


The laid-off employees in Hancock will not receive severance packages.


But Davis is working with the state to offer extended unemployment benefits because the jobs were lost to foreign competition.


The company was the largest employer in Hancock, a town of 371.

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