Department store Harris Scarfe was placed into voluntary administration on Wednesday after more than 160 years of trading.
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The chain of stores is expected to be sold, the announcement coming as a shock to workers.
With one store on Macquarie St in Dubbo, the retailer employs more than 1800 staff across its 66 stores and has annual sales totalling $380 million.
Dubbo shoppers were dismayed by Wednesday's announcement.
"We shop there a lot for manchester, kitchenware, clothes, we are shocked. No doubt another company too heavy at the top end, " Kay and Ken Johnson said.
Shaye Haling said she'd be disappointed if the Dubbo store closes whilst many others expressed sadness for local staff receiving such news at Christmas time.
Earlier yesterday before the announcement, Deloitte Restructuring Services were appointed external administrators of the firm and its associated entities.
Deloitte partner Vaughan Strawbridge told AAP he was confident there was more than sufficient assets to meet all employees' entitlements.
The receivers intend to sell the business as a going concern and save the jobs of as many people as possible.
"Harris Scarfe is a longstanding retail institution," Mr Strawbridge said.
"We will be making every effort to secure a future for the business and intend to commence an immediate sale of business process."
The SDA retail union said it would file a dispute with the Fair Work Commission over a failure by Harris Scarfe to consult before Wednesday's announcement.
"This announcement has come without warning and employees are shocked and will be very concerned as they head into Christmas," SDA national secretary Gerard Dwyer said.
