SEABROOK, N.H. (AP) – A Michigan-based automotive supplier that filed for bankruptcy protection in March has announced it will close its local plant later this year.

More than 250 people will be laid off from Venture Corp., according to a company press release. Jennifer Mort, the general manager of the plant, said the company will consolidate into fewer facilities.

“This is a sad day for Venture and especially its Seabrook facility,” she said in the press release.

This comes one week after a co-founder and majority owner of the company resigned amid a lawsuit that claims he and his family siphoned millions of dollars from the company.

Venture filed a lawsuit against Larry Winget and his family in April, claiming they took $314 million by fraudulently sending money to other businesses they owned. Winget’s lawyers have said the suit was without merit.

Winget’s son and son-in-law, executives with the auto plastics firm, have been placed on paid leaves of absence.

Venture purchased the Seabrook plant in 1996. The plant was formerly owned by Bailey Corporation.

The state Division of Economic Development is expected to send representatives to help laid-off workers find new jobs.

AP-ES-05-29-04 1652EDT