independent

Monday 21 April 2014

Electronics retailer closes again

The Parnell Street branch of Dublin firm Peats World of Electronics, which has recently gone into liquidation.

One of Ireland's best-known electronics retailers has shut down - for a second time - after attempts to refloat the 80-year-old firm collapsed.

Family-owned Peats World of Electronics told 22 staff at their flagship Parnell Street store in Dublin this morning they were losing their jobs with the immediate closure.

In a statement, chairman Ben Peat blamed poor market conditions.

"It is with great sadness and regret that we have had to make this decision, but we have been left with no other options," he said.

"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."

Last year, Peats announced it was shutting its 11 stores around the capital and axing 75 jobs because of the recession, high rental costs and the impact of online retailers.

The firm later decided to reopen the Parnell Street and Rathmines shops as well as its online business.

But conditions remained tough and attempts to keep the retailer going foundered, said Mr Peat.

"Obviously it is a particularly difficult decision for me, with the business having been in my family since 1934 and it's a real shame to lose the familiar Peats shop front from the high street," he said.

"I want to put on record my heartfelt thanks to all the staff who have worked with us over the years for their loyalty, hard work, dedication and commitment to providing the exceptional customer service which has always been Peats' hallmark.

"Finally, thank you to all our customers and our suppliers who enabled Peats to trade for nearly 80 years, a remarkable achievement for a family owned retailer in our sector."

Press Association

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