Rosella, an iconic food company in Australia, is heading for a shutdown after being in business for about 120 years and the remaining workers in Sydney are set to lose jobs in the coming weeks.

The Rosella food factory in Sydney is set to close down on Friday and the 70 full-time employees at the Seven Hills factory will be laid off in the coming weeks. The unions have claimed the number of employees is about 80.

Gourmet Food Holdings, which is the parent company of Rosella, had gone into receivership in November. Receivers Ferrier Hodgson had said that it tried to sell the company but could not find suitable buyers. Ferrier Hodgson also said that it is now aiming to sell brands including Rosella tomato sauce and Stromboli pasta sauces.

Jim Sarantinos, Ferrier Hodgson partner and Rosella receiver said, "The loss of jobs is disappointing but unavoidable due to the scale of losses the business was sustaining on a weekly basis. We had hoped that a suitable buyer would have been able to breathe new life into the business and preserve these jobs. We have exhausted all options for a sale and unfortunately, we have no alternative but to cease trading."

Other units of the group have already been sold to suitable buyers.