The Transport Workers Union says it will fight for the entitlements of hundreds of workers left jobless following a company buyout.

Administrators for Australian transport and logistics company Wettenhalls on Wednesday announced a management buyout had been negotiated after the company was placed in receivership in January.

The move will save about 200 jobs but, according to the union, hundreds of owner-drivers and sub-contractors will be without work as a result of the closure of the company's Express Division and the sale of its Warrnambool operations.

In a statement from the union on Friday, assistant national secretary Michael Kaine said when any company went into administration, members of the workforce felt the impact most.

"They regularly struggle to recoup the entitlements that they're owed," Mr Kaine said in a statement on Friday.

"The TWU is working to get the best outcome for our members and has already been contacted by a number of transport companies looking to fill positions.

"Our members from the Wettenhalls Group and the owner-drivers who have lost out from the administration of this company have the full support of this union as we continue the fight for their rightful entitlements and outstanding payments."

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