Talks continued over the weekend to find a buyer to save one of the only three Harris Tweed mills in the Outer Hebrides.
The Carloway Mill, on the west side of the Isle of Lewis, employs 27 people and provides yarn to 30 weavers.
If a deal is not clinched it could go into voluntary administration today.
A Chinese textile company invested in the business in 2013 but hopes of expanding into the market have not been realised.
The mill’s owners said the cost of its raw material had increased by 35% and weavers’ wages had risen but the price of tweed had fallen by 10%.
They added the business had a full order book but would seek voluntary administration to give the site and its jobs some protection, if a deal it is hoping to seal this weekend cannot be clinched.
Mill manager Kathy Macaskill said that staff had been kept fully up to date with the situation.
“We are in talks with a possible buyer – and have been for a little while – from outwith the islands,” she said.
“We are waiting over the weekend to see what the situation will be. We are hopeful, but well will have to wait and see what happens.”
Western Isles MSP Alasdair Allan and the islands’ MP, Angus MacNeil, have contacted Highlands and Islands Enterprise and Scottish Enterprise Minister Fergus Ewing.
Mr Allan said: “Clearly, the Carloway Mill is important as an employer within its community and as a key part of the wider Harris Tweed industry.
“I have asked the Scottish Government and its agencies what can be done to support the workforce at this very difficult time and to identify options for future investment.
“It is in the interest of the Harris Tweed industry that we have a diverse production base, particularly at a time when there is no shortage of orders for tweed and when Carloway Mill has a full order book.”
Mr Mr MacNeil added: “The situation at the Carloway Mill is clearly an issue of concern, all efforts must be made to try and look for a solution to keep the business, which is such an important part of the economy.”