Bus firm Travel de Courcey has gone into administration, with it blaming a "collapse" in passenger numbers due to the pandemic.
Based in Coventry, with 180 staff, it is thought to be the Midlands largest privately owned bus and coach company.
It said passengers had not returned in sufficient numbers after a "sudden" fall at the start of lockdown.
Warwickshire firm Johnsons Coaches said it was also looking to cut 78 jobs due to a fall in passenger numbers.
John Johnson, commercial director of the 110-year-old family-run company, said they were running at 25% and had not operated a holiday since March.
'Deeply sad day'
He said the situation was "horrendous" and could not afford to wait until the government-run furlough scheme ends in October as they cannot then afford to pay the uplift to their employees.
Travel de Courcey, run by the de Courcey family, operates services to hospitals, schools, the Ricoh Arena and the NEC.
Set up 48 years ago, the company said it understood cautiousness around public transport, but that it had been running empty services and "had no alternative".
Adrian de Courcey, chief executive and the son of the company's founder, described it as a "deeply sad day".
"We have assessed all aspects of our business going forward and it is clear that, due to the reduction in our services and vastly reduced passenger numbers, we have had no alternative but enter into the administration process."
Insolvency firm Poppleton and Appleby has been appointed as the administrator.
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