The firm, which was bought in May 2002 for 拢300m by The Snack Factory, has long battled with the PepsiCo-owned market leader Walkers.
The possible closure of the firm puts around 850 jobs at risk and brands including Nik Naks, Wheat Crunchies and Golden Wonder up for grabs.
In a statement, administrator Kroll said that Golden Wonder made significant losses last year and lost 拢10.8m in 2004.
The firm, headquartered in Market Harborough, Leicestershire, has operations around the UK with an own-label operation in Corby and a factory in Scunthorpe. A factory in Skelmersdale, Yorkshire, closed two years ago with the loss of 375 jobs.
Kroll said it hoped a buyer could be found for the business, or parts of the operation could be sold on.
"Unfortunately, despite its well-known name and brands, Golden Wonder has suffered in recent years. We hope that the administration will provide further time to review the options available.
"With such well-known and well-liked brands, we very much hope that a sale of all or parts of the business can be secured," the administrator said.
Golden Wonder has not been able to compete with the market might of PepsiCo's Walkers, which dominates the sector with a 57% retail share.
Golden Wonders' advertising was handled by JWT, which won the 拢25m account in 2004.
In its efforts to compete, it introduced a raft of new products and an increased marketing spend over the last two years including the introduction of a premium brand Golden Skins, a thick-cut crisp, and the re-introduction of its Ringos brand that was successful in the 70s and 80s.
Founded in 1947 by a Scottish baker called William Alexander, Golden Wonder claims to have been first to launch ready salted and cheese and onion flavoured crisps.
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