There are concerns for 12 jobs at the clothing retailer Peacocks in Limavady.
The company confirmed on Wednesday it had entered administration after failing to restructure its £240m debts.
Administrators KPMG are now running the firm, which employs more than 400 in Cardiff and more than 9,000 others across the UK.
They said said they were actively seeking a buyer for it as a going concern and hoped to make as few redundancies as possible.
Around 200 jobs are at risk across the North, including 13 in Strabane and 11 in Derry.
Limavady Mayor, Sean McGlinchey said his heart went out to the workers as this uncertain time.
“This is a blow for Limavady but everyone hopes a buyer can be found,” he said. “If the worst does happen, and the Limavady store does close, we hope it won’t be long before another retailer can be found to fill that gap. It’s terrible news and a very uncertain time for the workers.”
Roe Valley Chamber of Trade president, Philip Kingston said yesterday: “Obviously our thoughts are with the workers and their families. It is a very uncertain time for them. It’s an unusual situation for Limavady because most of our businesses are local and idependent. We hope the business can be taken over as a going concern. We hope for the best.”