Aquascutum’s Corby manufacturing plant is being forcefully closed, making 115 staff redundant “with immediate effect”.
Administrator to the collapsed fashion retailer FRP Advisory said the loss-making plant is no longer viable.
But it disclosed it has received a “high level of interest” from interested parties around the world to buy the British heritage retailer.
First round bids are expected towards the end of next week.
A spokeswoman for FRP Advisory said: “We have conducted a detailed review of the company’s financial position. Regrettably, it has been concluded that the company’s manufacturing plant in Corby is not viable to continue to trade due to loss-making operations and a lack of funding.
“We have been forced to begin the shutdown process of the plant, with all 115 staff at the site made redundant with immediate effect.
“Whilst a difficult decision, it has been necessary in order to stem on-going losses for the business, and to protect the positions of the 135 remaining employees.”
Aquascutum, formerly owned by Harold Tillman, fell into administration on Tuesday after its management team admitted it was unable to turn the business around despite ploughing £30m into it since it was bought in 2009.
The retailer operates three high street stores at Westfield London, Canary Wharf and Windsor. In the UK it has 16 concessions and seven outlet stores, while internationally it has eleven concessions.
FRP said all these operations and its head office are “operating as usual at present”.