The last of the Summit Wool Spinners staff will leave the site today and any likely re-employment of staff remains a "work in progress".
A spokesman for the incoming owners, Canterbury Wool Spinners, said the company (Canterbury Wool Spinners) was "still looking at employing up to 50 people, but the likely timeframe will be May".
First Union Textiles secretary Paul Watson said Summit's decision to close the plant was a huge blow for North Otago.
"Summit has made a significant contribution to Oamaru. "It has long been the town's major employer and the closure is a very painful one for its workforce and their families.
"That there is still no certainty on the future of the plant under Canterbury Spinners makes it more difficult for the workers and the community."
Mr Watson said the union had collective employment agreements at several other Godfrey Hirst and Canterbury Spinners worksites and had been in regular contact with the company.
"We are continuing discussions with the company on the nature of future work," he said.
"Obviously, we would want to see the establishment of long-term employment security for those offered jobs and more will emerge on this point in the near future.
"The union is also committed to establishing ongoing support for all redundant workers by working with the Mayor of Waitaki District to establish a redundancy support programme that offers additional support than that offered by government agencies."
Mr Watson said this approach has worked well in previous redundancies in the textiles sector, including Lane Walker Rudkin, Pacific Brands and Canterbury Spinners' own Bromley plant.
When the plant was sold by the Sumitomo Corporation in late January, 192 staff and management lost their jobs.
Staff had the option to remain to the final day of operation or to take early settlement.