According to several major newspapers including the Wall Street Journal, Smurfit Stone plans to file for Chapter 11 bankruptcy protection, in the coming weeks.

The company operates a paper mill in Florence County.

NewsChannel 15 has been working to confirm this information.

A communications official with Smurfit Stone said he can't comment on the matter, but said the company remains committed to its customers.

Smurfit Stone operates a container board division off Paper Mill Road in Florence County.

We're told about 560 people work there.

Several newspapers are reporting the company owes billions in outstanding debt and has been considering restructuring operations, including layoffs to improve performance.

Smurfit Stone is one of the country's largest makers of cardboard boxes.

Papers say the bankruptcy filing could come within two weeks.

According to Smurfit Stone's website, they reported net sales of $7.4 billion in 2007. They're headquarters are in Illinois and Missouri.