If the time has come for your company to go out of business, make sure you tell your employees about it in person before disclosing the information to the media. Deliver the news compassionately and in a truthful manner, but also state the facts and resist the temptation to soften your language. Allow people the opportunity to ask questions and answer those questions to the best of your ability. And finally, if you can offer future help by providing references, calling potential employers on their behalf, or making some introductions, be sure to extend these offers.
For more information on exiting a business, be sure to read Should You Develop a Business Exit Strategy?