The company has been based in Torrington since 1967
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Dozens of jobs are being cut at one of Devon's best-known manufacturers.
The 250 staff at Dartington Crystal in north Devon have been on a three-day week since June.
But on Wednesday, the company told its Torrington-based workforce that 43 jobs are to go.
It is part of a restructuring package which local business advisers believe has a good chance of assuring the future of the business.
The company has been hit by a 20% slump in sales of the fine glass and giftware for which it is famous.
It found itself struggling to meet debt repayments, which led to a sell-off of land, and management being slimmed down.
Now local organisations that have been working in partnership with Dartington Crystal say the 43 job cuts announced can safely be seen as part of a long-term solution.
Tim Jones, from the Devon & Cornwall Business Council, said: "This is very much the final stage of a recovery plan.
"We've been working very closely with the company and we think we've resolved the problem and there is a very good chance for this business to survive long-term for north Devon.
"The three-day week is likely to be phased out so full production is resumed quickly.
"It's very sad for those who are going to lose their jobs, but the rest of the company and its survival I think we can now guarantee."
Some of Dartington Crystal's retail outlets will now be closing, though most job cuts will be at the main Torrington factory.
And workers may have to give up their final salary pension scheme in favour of a money purchase scheme.
But no further redundancies are anticipated.