Morton's Rolls has ceased all trading.
The company, based in Drumchapel, was formed in 1965, selling morning rolls. It has since branched out into other baked goods.
Its accounts are overdue by more than two months, with its annual results due to be filed in December last year.
In a letter to staff on Friday, the firm wrote that employees would be "laid off with immediate effect".
The Glasgow-based bakery, which employs around 250 people, said that "no final decision" had been taken on redundancies, but that all jobs were at risk.
Companies House states that there is an "active proposal to strike off" the firm.
The latest statement from Morton's explained: "The directors have taken steps to ensure that the business can continue in some form.
"But it is likely that this will be with a reduced workforce across the business."
Glasgow MSP Paul Sweeney tweeted: "This is awful news, coming after the closure of McVitie's in Tollcross, losing the iconic Mortons Rolls of Drumchapel and 250 jobs would be another hammer-blow to Glasgow's economy.
"The government must step in now to try to find a firm that will buy Mortons out of administration."
For the year to the end of March 2021, the company reported a loss of £262,00 on turnover of more than £11.8m.
Morton's has been approached for further comment.
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