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.
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