The Sara Lee Courtaulds factory, formerly known as Pretty Polly, in Sutton in Ashfield is to close, it has been confirmed.
Some 300 jobs are to go at the plant best known for manufacturing Pretty Polly hosiery products.
An independent consultant had been brought in to try to save the jobs.
Managers at the firm have blamed cheap foreign imports from the Far East for making the factory in Nottinghamshire too expensive to run.
Richard Cowlishaw, from Pretty Polly, said: "I guess it's down to the cost that we as consumers now are demanding for the price of our goods that we buy.
"Consumers are demanding lower and lower prices for the same quality of goods."