MEMPHIS, Tenn. -- Hundreds of International Paper employees are set to be laid off, with more than half of those positions based in Memphis. WREG has learned from an International Paper spokesperson that approximately 650 employees will be laid off, including 400 from Memphis. Serenity Towers ruled chronic nuisance by judge They say that departures are occurring as the company undergoes a "transformational journey to become a stronger, more profitable sustainable packaging solutions company." Laid off employees will receive severance packages, outplacement assistance and mental health resources, per the spokesperson. IP, a Fortune 500 company, is headquartered in Memphis.