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."

Michael Reddington, who was 24 when the accident happened in March 2012, has had to learn to walk again and still experiences pain from his injuries.
His foot became trapped because part of the escalator in Nottingham's West End Arcade was missing.
Managing agents Hodgson Elkington LLP must pay £125,000 including costs.
The missing part had been absent for at least a day before the accident, creating a gap.
Mr Reddington did not notice the hazard due to poor lighting, and his foot was then crushed between a step and the escalator platform.
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Bernard Thorogood, prosecuting, said there was "real potential for a much more serious, if not fatal, injury".
"The public were at risk," he said. "It was a matter of pure chance whose foot or leg went into that gap."
Nottingham Crown Court heard there had been no inspection of the escalator between October 2010 and the accident in March 2012.
The prosecution said the escalator was past its useful life in 2010.
Mr Thorogood said it was not regularly inspected, adding there was a "lack of effective management leading to a range of risks".
Mr Reddington, now 27, said: "It's hard to explain the pain to people because it's such an unusual thing to happen.
"Everyone knows the pain of stubbing their toe but not everyone knows the pain of having their toe ripped off by an escalator.
"It was trapped in this piece of machinery that was going for a few minutes."
In addition to one of his big toes being completely ripped off, the two toes next to it were permanently damaged and the flesh on his foot was torn away.
He was initially in hospital for two weeks and had five operations under general anaesthetic, he was then required to return to hospital twice a week for three months.
The accident also left mental scars as he still experiences flashbacks.
"That day will stay with me forever," he said.
Hodgson Elkington LLP admitted failing to maintain the machine properly and failing to ensure it was in a safe condition. They also admitted that systems to monitor safety on a daily basis were ineffective.
Defence lawyer Tom Gent said the incident was a matter of "significant embarrassment" to the company.
"They are truly sorry for the dreadful injuries that were caused to Michael Reddington and are extremely apologetic that this was allowed to happen," said Mr Gent.
Judge Andrew Hamilton said: "The escalator was known to the defendants to be beyond its sell-by date and they did nothing.
"The defendant clearly forgot their duty in relation to the escalator."
The Health and Safety Executive does not keep data on accidents involving escalators, but a search through news reports suggests incidents like this are rare in the UK.
However, there appears to have been a recent spate of people being crushed in escalators in China.
More than 200 people have lost their jobs after a Devon toiletries company confirmed it has closed.
[NEXT_CONCEPT]
Shopping centre managers have been fined £75,000 for health and safety breaches after a man had his big toe ripped off by an escalator.