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A long-time Calgary electrical business has reportedly closed its doors, putting hundreds of people out of work.

On Friday, a cardboard sign reading, “CONCEPT CLOSED. CAR WASH CLOSED” could be seen on the front gate of the headquarters of Concept Electric Ltd., also known as Concept Group.

Several sources confirmed to Global News that employees were told Tuesday the company was folding, a move that affects about 500 people in Alberta and Saskatchewan, some of whom say they are still waiting to be paid.

In addition, sources say a number of contractors, suppliers and others are owed a lot of money.

Sources say some contractors and suppliers are worried about the ripple effects of those outstanding contracts, citing concerns that if other businesses aren’t paid, they may need to lay off workers.

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Concept, which had operations in Calgary, Edmonton, Fort McMurray and Saskatoon, was founded in 1997.

Global News’ numerous requests for comment from Concept were not returned.