Around 100 jobs have been lost following the voluntary liquidation of Scottish pub operator CMC Management.
The Scotsman newspaper reported the job losses, following the closure of 15 of the group's pubs. The smoking ban and a downturn in trade caused by the credit crunch were blamed for the shutdown.
CMC Management's directors, Crawford Mitchell and Gary Colton, told the newspaper it was "impossible" for the pubs to continue trading in the current environment.
Pubs affected by the voluntary liquidation include the Gray Horse in Edinburgh, the Stirling Arms in Dunblane, and the Victoria Hotel, Nairn.
Maureen Leslie, of MLM Insolvency, told The Scotsman the directors would carry on with CMC Inns, another business the pair ran, which includes half a dozen "better performing pubs" throughout Scotland.
Leslie said: "We are seeing more and more businesses going into liquidation as a result of the credit crunch.
"Businesses are increasingly finding it much more challenging to make ends meet as people spend less and the cost of running a business increases."