ALBANY, N.Y.-Cotrell and Leonard, a manufacturer of caps and gowns boycotted at many college campuses because of a labor dispute, will close after 148 years of existence, company spokesmen said last week.

The firm, which claims to be the originator of caps and gowns in the United States, will close its only factory because of financial problems unrelated to the labor dispute, the spokesmen said. No date has been set for the closure.

Students at Harvard and other colleges boycotted the Cotrell and Leonard caps and gowns because the firm allegedly used unfair labor practices to discourage its 75 employees from forming a union. The International Ladies Garment Workers Union has picketed the factory for about one year.

Anthony J. Harden, the company's vice president and general manager, said the closure resulted from the high cost of utilities and the age and condition of the Albany plant.