KPMG have been appointed as administrators for Dawson International, the parent company of Barrie, the cashmere manufacturers in the Scottish Borders.
200 jobs are at risk at their site in Hawick.
It follows yesterday's announcement that Dawson International was being placed in administration because of a £129m pension deficit.
However, there is some hope that jobs at Barrie can be saved.
Several companies have already expressed an interest in buying the knitwear specialist.
There is optimism that a textile mill in Hawick can be saved, despite its parent company going into administration.
Talks have been continuing throughout the day over the future of one of Hawick's biggest employers.