Turmoil has overtaken Canadian auction house Ritchies Auctioneers, which has now laid off its entire staff of 25.

The news follows last week’s announcement that Stephen Ranger had resigned as president and chief operating officer after 22 years with the company, which has been in business since 1967. Last month, Sotheby's ended its relationship with Ritchies over what it said were the Toronto firm's late payments.