Canada Bread is shutting its doors in Woodstock, N.B.

The company says 70 people will be out of a job when the facility shuts down next month.

As word spread around town that one of its main employers was shutting down, residents expressed their disappointment.

“I don't think it’s right, I think they should have their jobs because they have families,” said one resident, who didn’t want to give her name.

“I believe there might be people who go elsewhere to work,” said another resident.

According to the company, it is closing the plant because it is an old building that would require too much money to bring it up-to-date.

“My neighbour, he's going to have to look for another job,” said Tammy McLean.

“He's close to retirement age. What are people that age going to do? It’s going to be an impact.”

Employees were told Tuesday they would be laid off.

“I’d say it was a very difficult meeting,” said Woodstock Mayor Arthur Slipp.

Slipp says the impact of the closure will be felt far beyond the town.

“The bakery's payroll has been a very longstanding contribution to our regional economy here, so the loss of 60 to 70 jobs will have a tremendous impact on the retail sector in our area,” said Slipp.

More staff had been hired at the facility in 2015 after the closure of Halifax’s Canada Bread plant.

“We thought with the expansion of the bakery approximately three years ago, when they added the muffin line, that things were quite secure and that the bakery was going to have a stable future here.”

The bakery is also a big part of the town’s heritage.

“It started out with a small little building, it grew into a nice little factory and built on this, and a lot of people knew who the Karnes were,” McLean said of the Karnes brothers who started the bakery.

Canada Bread says there will be new jobs coming to the company's plant in Moncton, but did not have any further information Wednesday.

The plant in Woodstock will bake its last batch on Aug. 10.

With files from CTV Atlantic’s Nick Moore.