A Gilford manufacturing firm, which employs 21 people, has gone into administration.
Staff at NI Retailers Ltd, which trades as NI Climbing Frames, were informed of the development on Friday afternoon.
Michael Drumm of CavanaghKelly has been appointed as the administrator.
In a statement, the firm’s founder Herman Manso said: “We set up this business in 2007 and throughout the 15-year history of the company we have never faced the economic challenges and difficulties that are with us today.
“It is with deep regret that we have to make this decision. A combination of difficulties with supply chain, drastically increased operating costs and the current economic climate has led to us to appoint an Administrator.”
He added: “I want to take this opportunity to pay tribute to our dedicated skilled and talented staff, many of whom have been with the company since its foundation.
“We recognise the terrible blow this has on all the families who depend on the company for employment. Despite our very best and unstinting efforts we find ourselves in this position.”
Customers and suppliers are in the process of being contacted by the administrator and an update is expected to be communicated to all stakeholders within the next week.