The world-renowned Tyrone Crystal factory in Dungannon is to close on Friday with the loss of 31 jobs, marking the end of an era for large-scale crystal manufacturing across Ireland.
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Thursday's announcement came after attempts to find a new buyer for the brand failed.
The company, which has been trading for almost 40 years, saw a recent slump in demand for fine ornaments and vases, prompting the closure.
"The company and its management wish to take this opportunity to thank its loyal workforce for their valued contribution over the years and for their support during this difficult period," said a spokeswoman.
Staff had expressed concern about the future of the community business after a series of meetings were held by management this week.
DUP Enterprise Minister Arlene Foster said the announcement was a dreadful blow for the local economy.
"Tyrone Crystal is not just a manufacturer, it is an iconic brand that has attracted tourism interest," she said.
"It is a sad day to see such a long standing employer cease manufacturing", she added.
Sinn Fein Fermanagh and South Tyrone MP Michelle Gildernew said workers were "shell-shocked".
"Obviously this is a difficult and uncertain time for the workers and their families; I spoke to some of the staff last night who are simply shell-shocked", she said.
"This is a blow to the local economy in the Dungannon area", DUP MLA for Fermanagh and South Tyrone Lord Morrow said.
"Whilst the problems at Tyrone Crystal were well-documented, everyone had hoped that the company would manage to pull through this current economic downturn and start increasing trade again."
Lord Morrow asked the Government to help the workforce acquire new skills and employment opportunities.
"I would urge the Minister for Employment and Learning to act quickly on this front," he said.
Mrs Forster said efforts will continue to try and find a buyer for the business, "either in whole or in part."
"Invest NI will continue to work with the management of the company for as long as there remains any prospect of a sale", she added.
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