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
Emma Jesson brings you Saturday's forecast for the Tyne Tees region
People have gathered in the city centre to call upon the labour parliamentary party to accept what they Corbyn's 'democratic mandate'.
Officers were informed that the body of a man in his 60s had been found in a property in North Tyneside on Friday night.