ELECTRONICS store Peats is to close its business on Parnell Street, Dublin with the loss of 22 jobs.
The company has been operating since 1934 and the business was remodelled last year.
However, chairman Ben Peat said it was with “regret” and “sadness” that the decision had to be made and there were no other options.
“Unfortunately, the sector in which we operate has been disproportionately adversely affected by the economic downturn and despite the best efforts of myself and my fellow directors, including a remodelling of the business last year, we simply cannot continue in this climate,” he said.
Last year the company closed a number of its stores but the flagship Parnell Street store and its online business remained open.
Mr Peat said that since then the electronics sector had suffered further.
“Trading over the last 15 months has not been at a viable level to allow the business to continue,” he added.
A creditors meeting will take place in due course while the closure takes effect immediately.
Customers with outstanding orders can contact the store or email firstname.lastname@example.org.