Richmond-based Chesapeake Corp. may file for bankruptcy

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Packaging company Chesapeake Corp. announced Thursday it may be required to file for bankruptcy protection while it restructures its finances.

Most of the company’s 5,400 employees work overseas. About 25 people work at the company’s headquarters.

Chesapeake has struggled under rising costs and competition, reporting losses for three years The company reported a loss of $8.3 million during the third quarter. (Richmond Times-Dispatch)

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