Netpack Fulfilment has been placed into voluntary liquidation by its parent company.
Otter House Group, which acquired the Camborne-based company three years ago, said in a statement that despite investing significant sums in the business, it was unable to return it to profitability.
It said: “A combination of increased competition in the fulfilment sector and the recession has resulted in a shortfall in turnover and significant ongoing losses.
“In recent months the financial outlook for the company has deteriorated, and the directors undertook a further detailed review. Having concluded that the company was unlikely to achieve profitability as a standalone business, attempts have been made to find someone to take over the business. However, after some initial interest, this has proved to not be possible.
“The directors would like to thank the staff for their efforts and dedication over many years, and express their regret that this action has proved necessary.”
Francis Clarke has been hired to assist with the liquidation process.