Red Sail, the Wexford-based fish processor, has gone into receivership.
The company employs around 60 people at its factory in Kilmore Quay, Co Wexford and also has factories in Clogherhead, Co Louth and in Co Galway.
The Wexford operation is remaining open for the time being and it is hoped the receiver will find a way to save it from closing.
Founded in 1976, Red Sail is a leading exporter of frozen whole prawns to Europe.
Other Red Sail products include herring and mackerel products, velvet and brown crab, squid and monkfish.
