There are fears for 340 jobs after receivers were appointed to take control of Irish Pride’s bakeries in Mayo and Wexford.
Irish Pride is the country’s second biggest bakery business, with sales of around €50m a year.
Staff have been told the business will trade as normal while the receivers look to sell the bakery group as a going concern.
Receivers Declan Taite and Pearse Farrell of Duff & Phelps were appointed on Thursday.
The business was sold for an undisclosed sum in April 2014 by investment company One51 to WHW Bakeries, controlled by investors Garret and William Lloyd.