TURNERS FALLS, Mass (From news reports) -- Paper maker The Southworth Company has laid off more than 120 employees after shutting down its facilities.

The company has announced on Wednesday that it was ending all operations effective immediately.

The firm is closing its three facilities in Agawam (Mass.), Turners Falls (Mass.), and Seattle (Wash.), after failing to find a new financing option.

"The paper industry isn't the easiest thing in the world to be in as an industry. We've been engaged over the last four years to execute a turnaround plan for this company and we simply just ran out of time," Southworth CFO David Mika said.

In a statement issued to employees, Southworth President John Leness said he was in contact with local firms to place as many former workers as possible.

Some production currently made at the 120-year-old Turners Falls mill will shift to facilities owned by Wisconsin-based Neenah Paper, which bought the original Southworth paper brand back in 2012.

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