Union officials are on their way to the factory and expect to hear some news this afternoon.

Midweek Herald: Axminster Carpets workers and their families during their rally outside the Guildhall before the redundancies were announced. Photo by Chris CarsonAxminster Carpets workers and their families during their rally outside the Guildhall before the redundancies were announced. Photo by Chris Carson (Image: Archant)

An announcement on a possible rescue package for Axminster Carpets is expected today (Tuesday).

Community Union officials say they expect to hear some news about the company’s future this afternoon.

But any restructuring is unlikely to secure all 400 jobs at Axminster and its spinning and dyeing plant at Buckfastleigh.

A slimmed down Axminster Carpets company is looking the most likely outcome – concentrating on its core up-market pure wool floor coverings which have won it such a worldwide reputation for quality.

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