Bus company Arriva, which is pulling out of Malta in the coming weeks, is also in the process of pulling out of most of Wales.
The move was announced in October and is now taking effect.
The company ended services in Ceredigion on Saturday and is closing depots in Aberystwyth, New Quay, Lampeter and Dolgellau by February.
46 workers have been laid off.
Arriva Buses Wales blamed public transport funding and fuel costs.
The Welsh Government cut bus funding by 25% this year and Arriva pulled out of some more minor services at the end of July.