The boss of Maplin, the electronics retailer, which has a store on the Crescent Link, has said the company will continue to trade despite having entered administration this morning.
The firm's Chief Executive Graham Harris said the devaluation of Sterling after Brexit combined with low customer demand had affected the business.
But he said he passionately believed the company had a place on the High Street.
“I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process. During this process Maplin will continue to trade and remains open for business," he said.
"The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance.
"This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise. These macro factors have been the principal challenge not the Maplin brand or its market differentiation," he added.
Mr. Harris said the company's management would work with the administrators to attempt to secure the future of workers and stakeholders.
"We believe passionately that Maplin has a place on the high street, and that our trust, credibility and expertise meets a customer need that is not supported elsewhere.
"We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who have been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders.”