Unions representing workers at sports car maker TVR are seeking urgent talks after administrators were apparently called in on Friday.
The workforce has built a wonderful sports car says local MP
Bosses of the luxury car maker based at Bispham, Lancashire, decided last month to move production abroad after talks with potential buyers collapsed.
T&G union official Tony Hodson said officials were hoping to meet the administrators on 2 January.
Local MP Joan Humble condemned the way workers had been treated.
TVR managers and the administrators have not been available for comment.
Ms Humble, Labour MP for Blackpool North and Fleetwood, paid tribute to the workers' dedication and craftsmanship.
"This is a very sad way to end what has been an extremely difficult year for the dedicated workforce at TVR.
"They have had a rollercoaster year during 2006 with many being laid off then taken back, then offered the hope of a new factory in the south of Blackpool, then laid off again and told that the business is going to close.
"This has been a dreadful way for the management to treat a workforce who have devoted themselves to building a wonderful sports car which is known throughout the world.
"I feel desperately sad for the families who now wont have an income from the company over Christmas and who will be waiting, full of anxiety, to see what the new year will bring," she said.
Last month TVR drivers staged a rally in London before handing in a petition to Downing Street to show their support for the Lancashire factory workers who were losing their jobs.