Fife Council's leader David Ross says he's 'hopeful' parts of the Tullis Russell site can eventually be put to good use.
Administrators KPMG confirmed yesterday that moves to find a buyer for the Markinch-based paper mill had failed.
More than 325 workers have already been made redundant, with the remaining employees expected to go over the coming weeks.
The company is now winding down and fulfilling outstanding customer orders before shutting down completely.
Tullis Russell was founded back in 1809 and has employed hundreds of people from across the Kingdom.
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