Tulip, which employs about 7,000 people across 17 sites nationwide, is looking to close its meat processing plant in Boston in Lincolnshire this August.
The company is having to make the difficult decision as it lost a major contract with Marks & Spencer, and the future of over 450 jobs are now at risk.
A spokesperson for Tulip, which employs about 7,000 people across 17 sites nationwide, said: 'We have been notified of a decision in respect of a tender process with a key customer. The outcome is not what we had expected and clearly we are all deeply disappointed by this news.'
A spokesperson for M&S, which has worked with Tulip for about 30 years, said: 'We understand that there are some impacts locally when changes are made, and we will always work with our suppliers to support them and make those changes in the right way.
'While we won't be working with Tulip at the Boston site they remain an important supplier for other products and we will be doing all we can to support them as they consult with their team.'