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Darlington engineering company Cleveland Bridge is now preparing to end production there later this month.
Administrators FRP said they "must prepare for the prospect that the business will cease to trade" after 20 September.
It comes after talks aimed at keeping the firm running have stalled.
In a statement, the company said with no current viable offers remaining to take the business on, it must now prepare for a property and asset sale.
The remaining staff are set to be made redundant when production ceases.
There are currently 104 staff working on-site, while a further 29 employees are furloughed.
The Joint Administrators have confirmed they will investigate the causes and circumstances that led up to insolvency as part of their statutory duties.
Tees Valley Mayor Ben Houchen says attention must now turn to helping the workforce find new jobs
Martyn Pullin, Partner at FRP and Joint Administrator of Cleveland Bridge UK, said: “We have worked tirelessly in the hope of finding a buyer who would continue to operate Cleveland Bridge as a going concern, running a thorough and extensive sales process.
"However, with no current viable offers remaining to take the business on, we must now prepare for a property and asset sale.
“Our specialist employment team will continue to work closely with the staff, their representatives, Unions and the council to support all the workers through what we know has been an extremely challenging time.”
Cleveland Bridge was founded in 1877 and has helped build structures all over the world including Wembley Stadium's arch, London's Shard and Dubai International Airport.