A Borders textile mile which has a 350 year history faces closure unless a buyer is found, with the potential loss of nearly 90 jobs.
Staff members at the March Street Mill in Peebles have been informed of a possible closure by owner's Moorbrook Textiles.
The owner's say they are seeking to identify potential buyers, but so far have been unsuccessful.
The 87 employees that work in the mill have been informed of a possible closure, and the start of a 30-day consultation process.
Some staff may be offered the opportunity to relocate to Ayr.
Matthew Taylor's full report
Matthew Taylor's full report
The Langholm textile firm Reid and Taylor Ltd has been bought for an undisclosed sum.
But according to administrators it has been sold as an assets only sale and not as a going concern.
Administrators O' Hara & Co Ltd confirmed today that the sale went ahead yesterday to a consortium of three companies one of them is based in Bradford.
It's understood that one of them is SIL Holdings Ltd which already has interests in Langholm.
Chris Brooksbank from O' Haras Ltd said there had been no offers to buy the firm as a going concern.
He added that the company, which went into administration on April 19th with the loss of 35 jobs, had very little working capital and only a few orders remaining on its books.
There are fears over the future of employment in Langholm after the town's last major textile mill went into administration.
More than 30 people have been made redundant at Reid and Taylor, which makes cloth for luxury brands.
It is another blow for a community which was built around the industry.
Hannah McNulty has been looking at what the future holds:
There are fears over the future of employment in Langholm after the town's last major textile mill went into administration. More than 30 people have been made redundant at Reid and Taylor, which makes cloth for luxury brands. Hannah McNulty reports.
Judith Johnson from The Langholm Initative outlines help available for staff made redundant by Reid and Taylor going into administration
Dumfriesshire MP David Mundell has expressed his disappointment over the news that Langholm based textile mill Reid and Taylor has entered administration, with the loss of 35 jobs.
The firm has been manufacturing luxury cloth and fabric since 1837.
People living in Langholm say the news that the last major textiles firm in the town entering administration is a 'devastating blow'. More than 30 staff at Reid and Taylor have been made redundant. The firm which makes high quality fabrics for luxury brands has been operating since 1837.
Administrators O'Hara have confirmed the order book was 'healthy' and the company went into administration because of a lack of investment from the Indian owners. There has already been some interest in buying the business. Councillor Dennis Male said he thought the company was doing well
Around thirty people have been made redundant as a well-known textile mill in Langholm has gone into administration.
Reid and Taylor has been in the town since 1837, making what it describes as luxury fabrics.
The administrators say they are in negotiations with a number of interested parties and hope to sell the business and assets.