Peter Scott Knitwear in Hawick has entered the first day of its consultation into the future of the firm.
Fifty jobs are under threat at the luxury cashmere company, after what they've called a difficult trading period.
Employees at Hawick Knitwear have been shocked by the decision to place the firm in administration.
Lori Carnochan went to find out just how important the company is to them, and the wider community:
Workers who have been made redundant from Hawick Knitwear are to be offered help from a skills development team to find new work.
Local MP Calum Kerr made the announcement, and revealed that Scottish Business Minister Fergus Ewing is to visit the town next Wednesday.
The firm's owners put it into administration yesterday (7 January), and administrators KPMG announced that 123 of the 179 members of staff would be made redundant.
While MP Calum Kerr is says he is confident of finding a buyer for the company, he says it could mean the firm having to downsize:
A former employee of Hawick Knitwear says the workforce was left shocked by the abrupt decision to place the company into administration.
William Hush worked at the firm in almost every role for 38 years.
He says that the biggest problem now is that former employees are feeling isolated, with nowhere to turn.
The Provost of Hawick has told ITV Border that employees of Hawick Knitwear are currently in talks with administrators KPMG, about the future of the company.
Stuart Marshall - himself a former employee of Hawick Knitwear - says he's working with local politicians from all parties:
More than 100 jobs are set to be lost at Hawick Knitwear, as the company has been placed into administration.
A representative for the local Labour party says his heart goes out to the workers affected, and that the news shows the need for more investment and jobs in the Scottish Borders:
John Lamont, MSP for Ettrick, Roxburgh and Berwickshire, has said he's working as hard as he can to secure jobs, following the decision to place Hawick Knitwear into administration:
Commenting on the news that Hawick Knitwear has today gone into administration with 123 employees being made redundant, Calum Kerr, MP for Berwickshire, Roxburgh and Selkirk, said:
Hawick Knitwear has been placed into administration by the company's director.
KPMG LLP have been appointed administrators, and in a press release said:
When KPMG were appointed administrators, 179 staff were employed by the company, and all but two were based in Hawick.
They have taken the decision to make 123 employees redundant while retaining 56 staff members.
Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in Scotland, said: