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
A terrified mum was repeatedly stabbed by a violent sex attacker who had been lying in wait for her to come home.
Police have identified a body recovered from the River Wear as that of a 22-year-old woman from Newcastle, who was studying in Sunderland.
Over 50 alpacas from a Northumberland herd have been sold at an auction in Carlisle.