The 90-year old Dunedin butchery business Fishers Meats, in Kaikorai Valley Rd, was yesterday placed in receivership.
The company's 24 staff were told at a meeting yesterday morning.
Malcolm Hollis, a partner in PricewaterhouseCoopers, which has been appointed receiver, said he was talking to management, staff and other parties and also reviewing the company's financial position.
"We will move as quickly as possible to clarify the status of the business and establish the best method for progressing the situation, and we will keep relevant parties informed as matters progress," he said in a statement.
"At this very early stage, it is difficult for us to elaborate any further."
The business has been owned by the Fisher family since it was established in 1919.
Attempts last night to contact the present management were unsuccessful.
New Zealand Meat Workers Union president Daryl Carran said he hoped the business would continue to trade and jobs would be preserved, but he declined to comment further.
According to the company's website, it operated a meat, small goods and export plant at Burnside and another business called Food Partners at Dinmore, in Brisbane, Australia.
The Dunedin business was started by Aubrey Fisher in 1919 from a small retail butcher's shop in George St.
The business was expanded by his successor, John Fisher sen, and later run by John Fisher jun, whose son Nick has operated the firm since January last year.
In 2005, the company was recognised in the annual Deloitte/Unlimited Fast 50 business awards, being named the fastest growing mature company with revenue of more than $5 million in its base year.
The company has won many food awards, including a gold medal in the 2004 Great New Zealand Sausage Competition.
