75 jobs to go as Peats 'World of Electronics' closes
A well-known electrical goods firm in Dublin has closed, resulting in the loss of 75 jobs.
Staff at Peats 'World of Electronics' were told that all 11 stores in the city were closing "with immediate effect".
Peats was a family-owned firm founded in 1934 which recorded a turnover of 24 million euros at its peak in 2007.
The company blamed a combination of recessession, high rents and the growth of online shopping for its demise.
In a statement, the firm said it was "with deep sadness and regret" it was seeking the appointment of a liquidator.
Company chairman Ben Peat briefed the 75 members of staff at the company's head-office store in Parnell Street on Monday.
He confirmed that staff "will be paid their entitlements and redundancy due in full".
"The sector in which we operate has been disproportionately affected by the downturn, if we don't close now our capacity to settle our affairs to best effect will only further deteriorate", he said.
The firm was founded by Ben Peat's parents Brigit and William, who opened their first store in Parnell Street in 1934 to sell batteries, bicycles, furniture and prams.
All six of their children joined the business and the family went on to open stores in Blanchardstown Shopping Centre, College Green, Rathmines, Swords and in the Whitewater Shopping Centre in Newbridge.
It also operated a number of Sony Centre outlets under the Sony Centre identity located in the Jervis Shopping Centre, O'Connell St, Dun Laoghaire, Stephen's Green Shopping Centre and on Stephen's Green.
The firm said telephone calls will automatically be directed to a call centre so enquiries can be logged and dealt with.