The firm, which also runs a plant centre and gardens on its King's Lynn site, has laid off 13 of its staff.
Managing director Henry Head said: "We have made people redundant but we are continuing to trade and are open every day.
"Our trading has been at the same level as last year. The problem has been caused by a large debt, a six-figure sum, but we are in the process of finding a solution. I am absolutely convinced the business will continue."
Norfolk Lavender, run by the Head family since the 1930s, is a major trade and retail supplier of lavender products. In April this year Head began to expand the site with two new rose gardens and an orchard.