O'Briens Irish Sandwich Bars, which employs 800 people in Ireland, has gone into liquidation.
The development means a less certain future for the chain - although the liquidator said he will try to sell the group will be sold as a going concern.
O'Briens had been one of the big success stories of the Celtic Tiger.
Established by entrepreneur and one time Fine Gael candidate Brody Sweeney the group expanded into the Asia, Australia and Saudia Arabia.
But with the economic downturn the company was hit hard.
Some outlets became vacant while the group was obliged to pay high levels of rent. The franchise business went into examinership in July which meant it had court protection from creditors.
The examiner tried to put together a takeover deal which would see Abrakebabra Investments buy the franchising group, but a High Court hearing last week resulted in the deal falling through.
In court yesterday, the examinership was halted the group went into liquidation.
As a result Paul McCann from accountancy group Grant Thornton was appointed official liquidator.
This evening Mr McCann told RTÉ News he would seek to sell the business, the brand and maintain staff.
He has permission to continue trading for a week although that can be extended.
