(March 31, 3:51 p.m.) More than $500,000 in “uncollectable” receivables and 25% decrease in business forced a century-old Cleveland landmark to shut its doors.

Foodservice distributor A. LoPresti & Sons Inc., which celebrated its 100th year in 2008, closed and began liquidating March 23, according to a news release.

“We have done everything we possibly could to survive these latest challenges, just as our family has done for four generations,” said chief executive officer and president Patricia LoPresti, in the release. “Regrettably, we concluded today that we can no longer remain in business.”

LoPresti said lower volume and inability to collect major receivables meant the company no longer has the cash necessary to keep operating.

The company had annual revenues of about $40 million and served more than 1,200 customers. With 72 employees, it operated out of an 180,000-square foot facility.

It expanded its product line from strictly fresh produce to include dairy, groceries, frozen foods, fresh meat, poultry paper and cleaning supplies.

Local products accounted for 25% of its offerings.

“Unfortunately, many of our customers and suppliers in the foodservice industry are under the same kind of economic pressures that we have been,” LoPresti said, in the release. “Sales volumes are down, credit terms are being tightened, payments are falling farther behind, and financing options have all but evaporated.”

LoPresti said the company unsuccessfully worked over the past few months to continue during the recession.

“We have become another victim of the economic storm,” she said in the release.

The company plans to continue the August LoPresti Scholarship fund, which supports students pursuing education in the hospitality and foodservice fields.