Accountancy firm Deloitte was called in after Royal Worcester and Spode - which bought the firm in 2001 - blamed changing market conditions.
A spokesman said it hoped the firm could be sold as a going concern. Local MP John Thurso said he would try to safeguard the company's future.
Caithness Glass was founded by Mr Thurso's father in 1961.
It was well known for producing the distinctive trophy presented to the winner of the BBC television quiz series Mastermind.
Speaking on BBC Radio's Good Morning Scotland programme, Mr Thurso said it "was a sad day".
"My great concern is for the workforce, particularly in Wick where Caithness Glass is one of the major employers in the area," the MP said.
"The only comfort is that the receiver has said he intends to sell the business as a going concern and one can only hope that someone will purchase the businesses and keep them going."
Mr Thurso said he would hate to see the company, which has an annual turnover of £6m, close down.
"Unemployment is running at about 7% in Wick - in contrast to the other side of the county in Thurso, where unemployment is nearer 3%. Wick needs work," he said.
Deloitte said parent company Worcester and Spode had given "substantial financial support" to Caithness Glass.
However, a spokesman said that could no longer continue as the company was concentrating all its financial resources on its core business.