Broad Oak Toiletries Ltd, based in Tiverton, manufactured toiletries and health and beauty products, employing 214 staff.
A spokesperson said the company had ceased to trade immediately after a deal fell through to sell the business.
Capacity issues at its Tiverton plant were also blamed.
One employee, who asked to remain anonymous, said: "I am so scared for the future now. We haven't been paid for January and are worried any new buyer will take it on without honouring the debts."
In a statement the company said: "Regrettably it has been necessary to effect the redundancies of all employees."
Administrators said: "The company exhausted all possible options to continue to trade and, ultimately, in the absence of a buyer of the business as a going concern, it was forced to cease to trade and unfortunately all employees have been made redundant."
More than 200 people have lost their jobs after a Devon toiletries company confirmed it has closed.