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:
It's a devastating start to 2016 for the people of Hawick.
Hawick Knitwear is filled with the most hardworking people you could ever hope to find.
It's a major blow for a town that has already suffered many setbacks in the industry over the years.
I will now be working with local politicians who are all united in the fight to save the future of this company."
More top news
Deputy First Minister says new curriculum inform based on teachers judgement is "reliable".
Police Scotland say it has received numerous reports of collisions due to 'treacherous' driving conditions on the A75.
A wintry forecast for the Border region.