There are many variables involved here and there is no checklist approach;each situation is different.
eg is the property in your name/co. name?
Is there a trading co.?
How long have these staff been with you?
Is the property leasehold/freehold?
If leasehold what is the term?
Has the property any value re location?
Can you forfeit the premises back to landlord?
What sort of stock?
If leasehold, is there a break clause? a termination penalty?
You need to provide more info. to be advised properly but from the info. you have provided....
Make staff redundant,
Convert stock to cash,even if you have to discount severely
Advertise shelving in Buy and sell and leave in situ and hope for the best
Speak to the landlord if there is one
And finally,most importantly,if there is any chance of selling as a going concern do so and make sure your staff go with it(as they must under EU legislation re transfer of undertakings)