The electronics store Comet has announced that it will be going into administration next week.
With nine outlets in the North-East, it is now feared that hundreds of jobs will be lost.
Stores will remain open whilst attempts are made to find another buyer.
Retail expert Keith Jackson says that things are not looking promising for the company in the current retail climate.
The company has nine outlets in the North East, but has been struggling in recent times against competition from internet only retailers.
Comet will go into administration next week and it is believed that the stores will stay open whilst attempts are made to find a buyer.