Managers at the Heathcote industrial estate company, which supplied books to schools and libraries for more than 30 years, told its staff of the situation last Thursday.
A further meeting was held between staff and administrators on Friday confirming the company's position.
David King had been working for the company for almost two years, which he says does not make him eligible for redundancy pay.
He said: "On Thursday they told us that the company had gone into administration and that on Friday they would tell us more.
"They said they were keeping a skeleton staff of eight and the rest of us were redundant.
"We have been expecting it for the last few weeks but we didn't know when it was going to come.
"Last year they took on summer staff but they had to let them go because there wasn't enough work for them. They had told us that they were looking at other premises.
"When you go into work you expect to be there for some time. No one was telling us what was happening.
"Those who were being paid weekly received their money but those of us who were paid monthly haven't.
"Some of the people who have been working there for 15 years haven't been paid but those who have been working there for six months have.
"We have been told we have to apply through the government to get the money we're owed and we have been told it could take three to six weeks.
"I feel sorry for those who have a house to pay for and live by themselves - how are they going to afford it?"
Addie Williams says her son Martin is unlikely to work again following the collapse of Books for Students.
She said: "My son worked there for 13 years. He has Down's Syndrome and the company were very good to him. The staff were fantastic.It is very, very difficult for these people to get jobs. He was very happy there and we were happy for him to be there."
A spokeswoman for Books for Students said: "Mark Hopkins and Mark Shires of Price Waterhouse Coopers were appointed joint administrators for Books for Students on September 22.
"The joint administrators are currently reviewing the financial situation of the company and exploring possible interested parties.
"Notification of administration will be sent to all creditors in the next few weeks."
n Food giant Heinz has also announced that it plans to sell its St Mary's Road plant in Leamington.
The announcement was made to staff last week when they were told that the factory was to be sold as one of a package of six sites across the country.
The company said it would be unable to guarantee the 375 jobs at the factory but emphasised that all six sites were profitable and that job losses would not be inevitable.