About 300 staff at the Jaeger factory in Belper were told they will be laid off early next year if a buyer is not found.

Workers met on Wednesday morning to discuss the jobs announcement by the famous brand's owners, Coats.

Union members have said they hope a buyer can be found before the factory closes.

Unisex brand

Peter Crowe, from the knitwear, footwear and textile workers' union (KFAT), said the redundancies come at a difficult time.

"Our major concern is the fact that these people will find it very difficult to find jobs in which they could continue their skills because of the demise of the knitwear industry."

Jaeger is a unisex and expensive clothing label and has a global brand recognition.

It has its own stores in the United Kingdom and in several European capital cities and in the US.

Owner Coats put the brand up for sale alongside Viyella in September after the group's fashion retail division ran up losses of £8m ($12.4m) in the first half of this year.