Some 300 workers have been made redundant at carpets firm Axminster after the company entered administration.
It means three-quarters of the workforce at the Devon-based company lost their jobs.
The company, which dates back 250 years, blamed a sharp increase in raw material prices and the UK's continuing economic difficulties for the decision to go into administration.
Restructuring firm Duff & Phelps, which has been appointed to run the firm, said it will continue the company's search for a buyer but said it had been necessary to make around 300 staff redundant.
More top news
Stephen Fry has quit Instagram, telling fans he has been "hounded off" the social media site.
The Office star Martin Freeman has given his backing to Labour in the party's first party election broadcast in England.
Today's weather will remain unsettled, with some cold, wet and windy conditions.