Scottish Borders councillor Gavin Logan, said:
"Innerleithen has had more than its share of bad luck in recent years and I hope that every effort is being made to attract new businesses and jobs to the town."
"The company prided itself on its 'Caerlee Mills 100 per cent made in Scotland' label but has now fallen victim to the harsh economic tradition conditions in the knitwear industry."
More top news
Theresa May insists that Brexit must come before Indyref2
Nuclear Decommissioning Authority forced to end huge contract nine years early
The iconic engine will be in Carlisle on Friday