Problem creating a hyperlink to a file

Hello,

Previously I have created hyperlinks to files in a local directory. When I activate them, they locate and open the file as expected. Now I am trying to create additional hyperlinks to files in the same directory but are somewhat "buried". The paths are 4 or 5 sub-folders deep. Excel can't even seem to find the file, much less open it. The path is long but still well under 255 characters (a number I have seen in a few posts as being a limit). Is there a limit to the number of sub-folders Excel is capable of navigating through? Or is it more likely an issue with how the the directory is set up? Any insight would be greatly appreciated.

Thanks