Prospect Mailing Services, based at Crown Point Mills, Mayfield Place, Wyke, has been placed in administration with London-based turnaround and corporate recovery specialists SFP Group.
It is understood that around 47 members of staff have been made redundant while the future of the remaining workers remains unclear.
In a statement, SFP Group, said: “The Joint Administrators confirm the placing of PMS into Administration on November 11, 2013, following financial pressure within an increasingly competitive market place.
“A review of the viability of the business is presently being carried out and the Joint Administrators anticipate providing an expanded statement during the course of next week, once further information is available to them.”
The business is still operating and will be marketed for a period of two weeks from November 11.