More than 75 per cent of the 219-strong workforce at Bondshold Ltd have been now made redundant.
Administrators were appointed at the failed heavy castings business, which has three sites across the north, as it closed down for Christmas.
A total of 169 staff have been let go as funds ran out, with skeleton teams retained.
Officials from Deloitte wrote to 53 of the 79 staff in Crook, Durham, where it is headquartered, as well as 61 of the 77 in Scunthorpe, North Lincolnshire and 55 of the 63 in Alston, Cumbria.
Trading under the names Bonds Foundry Company, Bonds Heavy Castings, Bonds Precision Castings and Darwins Holdings, it had been hoped a deal could be struck over the festive period, but it did not materialise.
Clare Boardman, joint administrator, said: “We remain in active discussions with a number of parties who have expressed an interest in parts of the group, however sadly it has not been possible to find a buyer for the group as a whole. The lack of certainty with regard to a sale, alongside reduced trading potential, means it is not possible for the group to continue to operate in its current form. Therefore, the difficult decision has been made to effect redundancies.
“We are working with the local government agencies and our specialist teams to ensure that all of the employees affected by redundancy and those that remain within the business are fully supported at this difficult time.”
She was appointed alongside Adrian Berry on December 20, with the redundancies initiated on December 27.
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A manufacturer of high-integrity steel and high-chrome iron castings, they had told how the firm had experienced “market challenges through its exposure to the steel sector” as well as “operational challenges” arising from the integration of a newly acquired businesses.
Staff have been paid weekly wages or monthly salary costs up to December 29 and December 31 respectively.
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