Workers at the Stead McAlpin textile factory in Cummersdale, near Carlisle, have voted to accept cuts to their pay, and terms and conditions to keep the factory open.
The workers had originally rejected the deal in a vote.
But they reconsidered a few days later after being told it was the only chance to keep the factory open. The offer was accepted with a few minor amendments.
Some of the 61 workers at the firm will now be made redundant, on top of the 62 who were sacked in April.
The workers were employed by John Lewis until 2007 when they, along with workers at their sister factory JH Birtwistle in Haslingden near Blackburn, were sold off to Apex Textiles.
But Apex went into administration in April this year, leaving the workers without any redundancy pay.
They have held a series of protests at John Lewis stores around the country demanding the company meets its obligations to them.