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.
More top news
Paralympic champion and founder of SMILE Through Sport Stephen Miller is coming to Gateshead for a sport festival.
Peterborough United have confirmed signing former Newcastle United defender Steven Taylor on a two-year contract.
Newcastle International Airport is officially the best in Britain, according to passengers.