This building has indeed been repaired and the area undergone significant regeneration since these photographs were taken.
Images of the improvement can be seen on the following link and the ruinous arch in the picture above rebuilt:
http://www.onthebanks.co.uk/overview/
This shows what can be done for urban regeneration. I know the decay can look bad, but I would urge the authors not to write off whole areas so quickly.

Onthebanks.co.uk website no longer active.
More images of the Victoria Mill redevelopment can be seen on Barnfield Construction web pages:

http://www.barnfieldconstruction.co.uk/property-details/university-technical-college-(utc)---burnley/?t=pf&id=108