PORT ANGELES, WA -- Peninsula Plywood (PenPly), which has had numerous highs and lows since reopening in March 2010, is closed pending finding a new owner.

The mill's owners recently signed an agreement with the Port of Port Angeles to vacate the site after failing to meet its rent and utility bills, according to the Peninsula Daily News. The company had halted plywood manufacturing operations in mid November.

The paper noted that PenPly was unable to meet payroll, owed $82,000 in rent to the Port and another $293,000 in utilities to the city of Port Angeles.

The president of PenPly said lack of raw of materials was a bigger factor than lack of orders in the mill's demise.