Budget airline BMI Baby, which has been carrying passengers from Midlands airports for a decade, will fly for the final time on Sunday.
Attempts were made to sell off the budget airline which flies to destinations across the continent, but no buyer was found.
It means the loss of nearly 400 job in the East Midlands, many of them at the airline's headquarters in Castle Donington.
Nationally more than 800 people will have been made redundant when the company folds.
A number of routes have already been axed as part of the closure of the company, with the last flight this Sunday (9th September).
Many of the routes to 36 destinations across Europe have been picked up by rival airlines which operate from our regional airports.
BMI baby was launched in 2002 to compete in the then growing market for short-haul budget air travel.
However over the last four years it's estimated the company has lost around £100 million.