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
Rain moving through on Sunday evening, but Monday looks like one of the better days of the week ahead
The stakes are high for the Labour leader, writes Chris Ship - will another general election be on the cards in the coming months?
Kerrie Gosney brings you Saturday night's forecast