P&O Ferries has made 800 of its staff redundant, with immediate effect.
It says the business is "not viable in its current state" following a 100-million pound year-on-year loss.
None of its ships are sailing at the moment, either.
It's understood workers will be given compensation packages - due to the short notice of the announcement.
Sky's business presenter Ian King's been reading some of the statement.
"Our survival is dependent on making swift and significant changes now, without these changes, there is no future. These circumstances have resulted in a very difficult but necessary decision which was only taken after seriously considering all the available options."
