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
North Yorkshire Police say they have arrested 41 people in the first nine days of this year's drink and drug driving campaign.
Gusty winds over hills. Mainly dry with a cooler night ahead
Bradley Lowery has been invited to be Sunderland's mascot on Wednesday.