All 600 workers at car parts supplier LSUK were made redundant today after the business was put into administration following a failed takeover.
The Sheffield-based firm, which has 53 branches nationwide, was bought by rival company Euro Car Parts (ECP) last week but was handed over to administrator Tenon Recovery on Sunday.
ECP said it had been forced to place the entire business into the hands of administrators after failing to secure investment support. The firm said: "Unfortunately, it became clear, very quickly, that it was simply going to be impossible to continue with investment without the required support, which was not forthcoming.
"After a considerable amount of non-stop work and investment into LSUK over the past five days, the ECP directors realised that they had no option but to place LSUK into administration with effect."
Joint administrator Tom MacLellan said he was speaking to "several" interested parties about buying all or parts of the LSUK business, but in the meantime redundancy notices have been issued to all staff.
He said: "At the moment, we are not in a position to continue trading. Notices of redundancy have been issued to all staff."
A freephone number has been set up for LSUK staff - some of whom reportedly turned up to find locked gates at their work this morning.