Wet 'N' Wild Enterprises Ltd has gone into administration. The water park, in North Shields, opened in 1993.
“Despite operating profitably for much of the year the business faced liquidity issues over the forthcoming months. The directors therefore had no option but to place the company into administration.
"Unfortunately, with the quieter winter trading period upon us we have had no alternative but to close the water park with immediate effect and make the majority of employees redundant. We will continue to maintain the water park whilst seeking a sale."
More top news
Newcastle City Council leader tells ITV News Tyne Tees that the city can settle "several dozen" child refugees from Calais' migrant camp.
ITV News Tyne Tees has learned that 3 councils in the North East will do their own devolution deal with Westminster.
The Environment Secretary says she expects improved flood defences at the Foss Barrier in York to hold up in future.