Zambelli Retail has been placed into voluntary liquidation, with a creditors meeting scheduled to take place tomorrow at 11am.
The company was voluntary wound up following an extraordinary meeting of company members on November 8.
According to minutes from the meeting, immediate action was required due to concerns about the company's solvency.
Zambelli Retail falls under the Ambassador Clothing Company, a family-owned ragtrade firm based in Sydney's inner west.
Just two years ago, national newspaper The Australian published a story on the firm's resilience during the financial crisis.
Investigations by ragtrader.com.au have also revealed BEM Corporation, trading as Barkins, has also been placed in liquidation.
For more on both, pick up a copy of Ragtrader's December 2 edition.