Wrexham-based ready meal provider Fenmarc, which was known as Pann Krisp until a takeover in 2005, has gone into administration.
Fenmarc produces meals mainly for the Asda chain.
Administrator Ian Brown of Deloitte said the firm blamed difficult trading and rising costs. It was taken over in May 2005 by Lifecrown, whose Cambridgeshire-based subsidiary, also named Fenmarc, supplies the supermarket chain with vegetables.
At the time, the takeover was hailed as a move which would create 100 new jobs and see an investment of £1.5m for new processing facilities at Wrexham.
While in administration, the company will continue to trade in the "short term”, as it seeks a buyer. In a statement, Brown said: "Our appointment follows a difficult trading period and rising commodity costs, as a result of which the directors concluded that the company could not continue to trade in its current form.
"After discussions with customers, suppliers and employees it is my intention to allow the company to continue to trade in the short term to determine whether a buyer for the business can be found."
Sixty-four jobs have already gone in Wrexham, with another 190 feared to be at risk.