The Wigan-based maker of Pink Panther wafers, Rivington Biscuits, has appointed FRP Advisory to oversee the process.
FRP said in a statement: "Rivington Biscuits experienced particularly challenging trading conditions over the past year, resulting in significant pressure on profit margins and cash flow.
"The problems were compounded by the sharp decline in the value of the pound against the euro. The company was left with no viable alternative other than to seek the protection of administration while a long-term solution can be explored."
Rivington employs 123 staff, of which 99 will be made redundant with the remaining 24 staying on while a buyer for the business is sought.
Russell Cash, partner at FRP Advisory, said: "A sustained deterioration in trading conditions and significant additional pricing costs since the summer following the sharp fall in the value of the pound, left the business facing unsustainable cash-flow pressure.
"Rivington Biscuits continues to trade through administration but with a reduced staff base in order to fulfil current orders into the New Year."