The knock-on effects of an engineering business closing its doors in the Coromandel town of Thames are expected to be felt across the community.
A & G Price Limited is going into liquidation with the loss of around 100 jobs.
It's been operating in the town since the gold rush days of the 1870s.
Mayor Sandra Goudie says the news comes as a shock because there was no warning, and it's devastating for everyone involved and would impact the wider community.
She says it's a shame as A & G Price had employed generations of families.
The company could not be reached for comment.