Sealord has announced it may cut 97 jobs at its Nelson wetfish processing plant as the factory is "not economically viable".
"We have worked to propose a solution that, while very difficult for those impacted, means that we could continue to run a smaller Wetfish operation focused on higher value products," Sealord said in a statement today.
"If the proposal goes ahead it could mean up to 97 permanent positions could be made redundant in our Wetfish factory."
The Service and Food Workers Union has described the potential job loss as a "tragedy for those workers, their families and the Nelson community".
Spokesman Neville Donaldson says the downsizing is preventable and the Government and Iwi must do more to protect "our best exports".
According to Business Desk, Sealord reported a $44.3 million loss in the 12 months ended September 30, 2013, reflecting a $46.9 million loss on the sale of its Argentinian business. Revenue fell 6.1% in that year.
Today the company said it is in "stable financial shape".