Montgomery Litho employed 233 staff at sites in Glasgow and Haddington, East Lothian.
It entered liquidation at the weekend, with "trading losses and increasing cash flow pressures" blamed.
The company, which started in 1983, prints and binds books.
Blair Nimmo and Tony Friar of KPMG, the appointed liquidators, said 148 workers, 79 in Haddington and 69 in Glasgow, have been made redundant with immediate effect.
The company's base in Haddington will close completely.
Montgomery Litho has a turnover of around £19 million and intends to continue operating while a buyer is sought.
Mr Nimmo said: "Montgomery Litho Ltd had been facing difficulties following trading losses and increasing cash flow pressures.
"The loss of a major customer together with a continuing reduction in order levels at a time of declining demand within the UK printing industry have adversely affected the company.
"It is regrettable but unfortunately necessary to have to close operations in Haddington and to implement redundancies both there and in Glasgow.
"However, there remains an excellent opportunity to acquire a well-known business with a strong customer base, and we are hopeful that a buyer can be found."