BALTIMORE (From news reports) -- Cenveo Corp. is shuttering the Port City Press Inc. plant in Pikesville, laying off 113 employees as part of a restructuring plan after it declared for bankruptcy.

The closure and layoffs were reported by Cenveo in a notice filed with the Maryland Department of Labor, Licensing and Regulation. The move comes after the Stamford, Connecticut-based printing company filed for Chapter 11 bankruptcy protection in February.

A Cenveo spokesman declined to comment.

Cenveo filed for bankruptcy protection as its debt piled up. Simultaneously, the print industry has been pressured as customers have become more digitally focused. The shift by people to use the internet has created a "highly competitive pricing environment," the company said. Cenveo's gross revenue in 2017 was $1.6 billion.

To deal with the changes, Cenveo completed 16 transactions between 2006 and 2013 as it looked to transform its business from a print focus to becoming one of the largest envelope and label manufacturers North America. During that time, Cenveo closed its commercial printing plant in Dundalk, resulting in 115 people losing their jobs.

Cenveo is now weighed-down in more than $1 billion of funded debt and burdened with annual debt payments of approximately $99.4 million, according to bankruptcy filings. The company's liabilities were $1.4 billion as of Dec. 30, 2017, compared to assets of $790 million.

"Cenveo's funded debt obligations are unsustainable, which has created pressure on its businesses," the company said in its filings.

In response to Cenveo's rising debt and the shift to electronic media, vendors attempted to reduce their risk by scaling back the size of their orders, Cenveo said. Between 2014 an 2017, Cenveo cut costs and tried to improve profitability by downsizing its workforce, reducing its geographic footprint, and divesting certain non-core business segments.

As 2017 progressed, it became clear to Cenveo executives that a comprehensive restructuring plan was necessary "to survive in this competitive and transformative industry," the company said in its bankruptcy filings.

Cenveo has about 6,580 employees, including 5,200 in the U.S., according to the bankruptcy filing.

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