There are four Croissant Gourmet shops in the island
A chain of bakery shops is to close in Jersey with the loss of 18 jobs.
Croissant Gourmet's owners said the outlook for the firm, which has four shops, looked "bleak" and it was going into voluntary liquidation.
Bob Lapidus, company director, told BBC Jersey, recession, the introduction of the Goods and Services Tax and changes in eating habits had led to the move.
All four branches, three in St Helier and one at Les Quennevais, are due to close on Thursday.
In a statement, the company's management said: "Over the last few weeks the directors have tried everything possible to turn the business around, including consultations with Jersey Business Venture and other specialists.
"Unfortunately the turnovers in the St Helier shops have plunged since the start of the economic downturn to the point where the future of the company looks bleak."