Aberdeen-based Smmart, formed in May 2002 from a management buyout of McIntosh of Dyce, has laid off 16 workers and a further 40 jobs are under threat.
However, the company is still producing the Weight Watchers range and liquidator Deloitte said it was confident of selling the business as a going concern.
Weight Watchers is "monitoring the situation".
Smmart MD Maureen Hepburn said: "The business isn't viable in this building and never has been." The company, which is not trading at a loss, had hoped to move to new premises in Dyce early this year and boost its workforce with a grant from the Scottish Executive.
But the money has not come through and bankers have refused to extend Smmart's finance agreement, said Hepburn. The Scottish Executive declined to comment on the status of the grant.