Grampian Country Food Group is reviewing its unprofitable chicken processing business at Attleborough in Norfolk.
Although the company said there would be no redundancies before February, closure is the most likely outcome, as plant throughput has fallen to 200 tonnes per week.
Offloading underperforming parts of the business may sweeten the pill for potential bidders for the entire group, which is up for sale, although a spokesman said Attleborough was a small part of its operations.
"Breaded and coated poultry has been in steady decline for a number of years and we have tried to diversify to grow the business," said Tom Strang, site MD. "This has not been successful and for some time the business has been unprofitable. We will now enter a consultation process with staff."
Grampian said it hoped to find alternative employment elsewhere in the group for the 300 staff.