Sixty jobs are at risk after Westhoughton-based demolition firm Walter Forshaw went into administration.
The company, which was established in 1921, operates from Stotts Park in James Street.
Administrators CG Recovery have stepped in to try and save the business, but if their efforts are unsuccessful it could go out of business.
Westhoughton councillor David Wilkinson said: “I hope, for the sake of people whose jobs are under threat, that the administrators can turn the company around.”
A CG Recovery spokesman said: “We can confirm that Jonathan Avery-Gee and Stephen Conn of CG Recovery have been appointed administrators of Walter Forshaw as of September 15.
“Further information about this case is available from Edward Gee on 0161 358 0210.”