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DUBLIN retailer Peats World of Electronics has made a U-turn on its decision to close by reopening one store. It hopes to reopen three others and save up to 37 jobs in the process.

Earlier this month, the company announced its intention to appoint a liquidator through a voluntary creditors' liquidation. This resulted in 11 shops closing with the loss of 78 jobs.

But due to the "goodwill and understanding of the company's suppliers, a wave of goodwill from customers and a subsequent reassessment of the company's stock, debts and liabilities in light of the closure, alternative solutions have emerged'', a statement from the company said.

The Rathmines store opened again yesterday and there are plans underway to reopen the flagship Peats store on Dublin's Parnell Street and its branches at the Pavilions shopping centre, Swords, and St Stephen's Green.

The company secured High Court protection yesterday after presenting a petition seeking appointment of an examiner.

Chairman Ben Peat (above) said he had had huge support from customers and investors alike.