The National Union of Journalists (NUJ) has called for "potential buyers to step in quickly" to save the Oldham Evening Chronicle from going into administration.
Chris Morley, the NUJ Northern and Midlands organiser, said it was "dreadful" the way the news was broken to workers yesterday.
According to Morley, the announcement came out of the blue after members of staff were summoned to a meeting they had no idea about.
It is expected that the majority of the paper's 49 workers will loose their jobs as a result of the closure.
The paper was established in 1854 and has four companion monthly free titles: the Oldham Extra, Saddleworth Extra, Tameside Extra and the Dale Times, and three quarterly A4 magazines: Oldham Business Edge, The Knowledge and Primary Knowledge.