Hawick Knitwear has been placed into administration by the company's director.
KPMG LLP have been appointed administrators, and in a press release said:
Recent attempts to secure new investment into Hawick Knitwear to support further development of the brand and provide much needed working capital ultimately proved unsuccessful leaving the director with no option but to place the company into Administration.
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:
Unfortunately, extremely difficult market conditions have led to the current position. It is regrettable that a high level of redundancies has been necessary at this stage and we will be working with employees and the relevant Government agencies to ensure that the full range of support is available to those who are affected.
In the meantime, we would encourage any party who has an interest in the company’s business and assets to contact us as soon as possible.
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