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
The Jim Clark Rally is changing the format, this years event on Sunday 31st May will run on private Forestry Commission gravel roads.
Kerrie Gosney brings you Sunday night's forecast
Cold with wintry showers, risk of some snow and ice early Monday.