As well as the jobs being lost directly at Cookstown-based company, Meteor Electrical, Derry City Football Club has lost one of its main sponsors as well.
The resulting loss of revenue is said to be likely to run into tens of thousands of pounds after the team lost a major backer as Meteor ceased trading.
The club will try to raise £50,000 by asking 50 companies and individuals to donate £1,000 each.
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Meteor, Ireland's largest independent electrical wholesalers, closed because of financial difficulties.
The Cookstown-based family-run business has been trading for almost 25 years.
In a statement on Tuesday, the company said it had explored all options to address its problems in the current recession, but was forced to close.
The downturn across the construction sector and exposure to foreign exchange fluctuations led to the closure.
In a statement, Managing Director John Conway said: "It was with deep regret that the company had to take the difficult decision to cease trading with immediate effect, this despite the best efforts of all involved to keep the company in business.
"I would also like to put on record my appreciation for the loyalty and hard work of all the company's employees," he said.
(BMcc/JM)
