P & O Ferries: 800 staff to go with immediate effect
P & O Ferries today (Thursday) made 800 seafaring staff redundant with immediate effect.
In a statement it said it was "not a viable business" in its current state having made a £100m year-on-year loss.
The firm said it has suspended sailings "for the next few days".
It runs a regular service between Larne, Northern Ireland and Cairnryan, Scotland.
It is understood workers will be given compensation packages - due to the short notice of the announcement.
P&O Ferries said in a statement: "In its current state, P&O Ferries is not a viable business.
"We have made a £100 million loss year on year, which has been covered by our parent DP World. This is not sustainable.
"Our survival is dependent on making swift and significant changes now. Without these changes there is no future for P&O Ferries."
It added that after "seriously considering all the available options" it has taken the "very difficult but necessary decision" to hand immediate severance notices to 800 seafarers.