The battle to save Kell & Rigby, one of Australia's oldest building companies, is not over yet, its CEO says.
Two years after celebrating its 100th anniversary, the Sydney building company was forced to close its doors on Thursday afternoon with the loss of 500 jobs.
Many employees and contractors were left unpaid after the closure of the company, which was involved in some of the biggest projects in NSW, including the war memorial in Sydney's Hyde Park and the renovation of Sydney Town Hall.
A subsidiary company - Brisland - also ceased trading.
The CFMEU (Construction, Forestry, Mining and Energy Union) said it was a "bad day" for the construction industry and called on the NSW government to intervene.
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But CEO James Kell, whose great-grandfather started the business in 1910, said the company was still searching for a solution.
"The firm has been through two world wars and a depression - it's not over yet," Mr Kell told Macquarie Radio.
"We're still talking about a way out of this, about a solution.
"We have absolutely fantastic people working at the company, some of whom have been there for decades."
It is understood the company had been negotiating a refinancing solution for several months, but this fell through on Wednesday.
The company is expected to go into liquidation on Friday.
The CFMEU's NSW secretary, Brian Parker, said a further 50 small businesses were in danger of closing down as a result of Thursday's closure.
Mr Parker said Kell & Rigby had missed out on government tenders and he criticised NSW Premier Barry O'Farrell for his inaction.
"They might be a private company but they have traditionally won a lot of tenders," Mr Parker said.
"This is a company that's been around for over 100 years, that's created more than 1000 apprenticeships, has been a very decent company and we still haven't heard from Barry O'Farrell.
"(Mr O'Farrell) needs to stimulate some money (for) this company to keep them alive, keep the doors open and make sure a decent company like this survives."
Federal Employment Minister Bill Shorten also expressed concern at the job losses.
"My immediate reaction is for the families who'll be watching this news broadcast," Mr Shorten told the Nine Network.
NSW Treasurer Mike Baird said the job losses were "concerning".
"The global economic environment is impacting businesses right across the state and we call on all businesses to try and retain jobs where possible," Mr Baird said in a statement.
The NSW government was supporting thousands of jobs through record investment in the state's infrastructure, he said.
