Irish meat company Olhausen, which has been in business since 1896, fell into receivership and has shut down operations at its three plants due to tough market conditions.
Ulster Bank, to which the company owes more than €10m, has appointed Jim Hamilton and David O'Connor of BDO as joint receivers and managers of Olhausen.
The receivers said that the company has been forced to cease operations and are currently scouting for buyers for the remaining business and assets.
The company has held discussions with two potential buyers but was unable to agree on a deal.
Meanwhile, the 160 employees have been informed that all positions within the company are now redundant.
The employees affected will be paid outstanding wages for work over the past two weeks and will be entitled to statutory redundancy pay.
"Our primary focus is now on completing all the necessary paperwork in order that employee entitlements may be processed as quickly as possible," the receivers were quoted by the Irish Evening Herald as saying.
Olhausen produced sausages, puddings, bacon and pork products, which were sold under the brand names Olhausen, Byrnes and Kearns. The company also operated a food service business.
Olhausen had a distribution and production facility at its headquarters in Blanchardstown, as well as production plants in Coolock and Co Monaghan.
Factors such as competition from discount supermarkets and shrinking margins in the pork industry led to receivership of the company.
The company had recently received additional funding from Ulster Bank and by some of its shareholders, which resulted in positive cashflows; however, higher commodity prices in September 2012 plunged the company into further trouble.
According to the recently available accounts for Olhausen, it posted losses of almost €170,000 over sales of €30.6m in 2010.
