Receivers were called on in early July to the Christie Tyler group
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Workers at two furniture factories have been told that that 238 jobs are to be lost at the Christie Tyler group in Bridgend.
Receivers and union officials held talks at the Pendragon and Contour Mobel factories on Thursday.
The job losses will be split between the two plants, according to a GMB official.
Receivers said the cuts were "unfortunate" but they were still hoping to rescue the business.
A spokeswoman for receivers Ernst and Young said: "We are still talking to interested parties with regard to the sale of the company."
"Despite exploring every possible avenue, the current economic uncertainty and the fall off in the number of orders received...have inevitably led to job cuts".
Bridgend council said it was disappointed and would do all it could to safeguard remaining jobs.
"We sympathise with the individuals affected and their families," said a spokesman.
"This is a further blow for Bridgend, which over the past nine months has seen over 2,000 jobs lost or threatened."
Last month, Sony announced that 650 jobs in Bridgend and nearby Pencoed would be cut.
On the same day, it was announced that nearly 200 jobs would be lost with the closure of the nearby Altoid sweets factory.
A spokesman for the Welsh Assembly Government said: "We will continue with our Team Wales partnership to do everything we can to help those affected find alternative employment or alternative training opportunities".
Earlier this week, one of the Christie Tyler companies, Deeside Furniture, was sold to Westbridge Furniture Designs, with hopes of saving 250 jobs.
Two of the group's factories in Worcestershire were also sold by the administrators and the Cambria Mobel factory in Pontypridd also has new owners.
Receivers were called in during the first week of July to the group, which employs around 1,600 workers.