Launceston auto components maker ACL Bearing has closed its factory.
The company had been in receivership since August 2009, and a bailout by the former federal government was not enough to save it.
The ABC reports that the factory had been operating since 1937, originally as Repco, and 136 workers have finished up. Some will remain at the factory to remove machinery.
No buyer was found for the company by receivers, and the company shed 110 workers in 2009, 35 in 2011 and 20 in 2012.
Maree Tetlow from the Launceston Chamber of Commerce said the effect on the local economy would be significant.
"We estimate that's worth $5.5 million in wages lost to the region so it'll obviously have an impact on the economy," she told the ABC.