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.
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The developer says the water rides are on a par with those found at premier water parks in Dubai and Florida.
Work will be undertaken to replace coping stones from the southern parapet and reset stones on the northwest corner of County Bridge.
Coastline Records was set up by five Music Technology students to help revitalise the local music scene.