My extended family grew up in Canton. My great grandpa built the Canton paper mill.
That said, it was time for it to go. Would have taken a fortune to get it up to order, even without the flood. Paper mills aren't built to last over a century, even without declining demand for paper. My family friend (lifelong paper industry engineer) was brought in years ago to try to save it, he said it was impossible.
However, the heart rending article fails to mention that the final nail in the coffin was a brand new higher paying plant being built in the area where most of the workers from Champion were being poached, so the town should land on its feet. It's not going to end Canton, or if it does, it'll be replaced by a new town where the new plant is going up.