A big New Zealand clothing manufacturer, Lane Walker Rudkin Industries, has been placed in receivership.
BDO Spicers was appointed receiver and manager earlier on Tuesday.
It says the company's operations are unprofitable and have resulted in a substantial increase in bank debt.
About 470 people are employed in factories in Christchurch, two operations in Wairarapa, one factory in Timaru, and a sports apparel factory in Brisbane.
But National Distribution Union spokesperson Maxine Gay says poor management is at the heart of the receivership.
Ms Gay has called on BDO Spicers to work with the union and keep trading.
She says the workers and the union can be partners with the receiver in trying to sort out the mess and retain a sizeable proportion, if not all, of the jobs.