More than 160 jobs have been cut as part of last ditch attempts to save the Black Country's biggest printer.
Cradley Print, which went into administration last week, has seen its workforce slashed from 222 to just 56.
It is thought further job losses could follow.
Last week accountants from PKF were called into the Chester Road-based firm after its principal bank withdrew its facility.
Bosses at AIM-listed parent company Cradley Print Holdings blamed the financial failure on union Amicus and the workforce for rejecting cost-cutting proposals.
But angry union leaders instead accused the company of rejecting their own plan which they claimed would have saved the company more than #2.1 million.
Cradley, which produces magazines, catalogues, and brochures, has traded at a loss for several years.
PKF administrator Eddie Kerr said: "We are continuing to trade the company and will be advertising the business for sale."