The food maker Rosella will close down after nearly 120 years in business, with the company's 70 remaining Sydney-based workers to lose their jobs in the next few weeks.

Receivers Ferrier Hodgson say they have not been able to sell the business and will now try to sell its brands including Rosella tomato sauce and Stromboli pasta sauces.

The Gourmet Food Group, which includes Rosella Foods, was placed in receivership in November.

Other parts of the group have already been sold or are in the process of being sold.

In a statement, Rosella's receiver Jim Sarantinos thanked staff for their efforts throughout the receivership.

"The loss of jobs is disappointing but unavoidable due to the scale of losses the business was sustaining on a weekly basis," Mr Sarantinos said.

"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."

Manufacturing Workers Union spokesman Tim Ayres says it has been a tough day for the workers.

"All of these workers are going to have to go home and explain the news to their family, they're all facing an uncertain future," he said.

"The AMWU will be working very closely with each worker and their family to make sure they get 100 cents on the dollar of their entitlements.

"We want to make sure that those people go straight back into the labour market and get good jobs."

Mr Ayres says he is hopeful Rosella products will stay on the shelves.

"It would be great to see it bought up by an Australian company and continue to make this iconic Australian brand in Australia.

"It's a brand that's been operating since 1895, putting tomato sauce on the table for Australian families and we're going to make sure that our food manufacturing industry remains capable and strong."