Peats World of Electronics is to close down with immediate effect and the loss of 22 jobs, it emerged this morning. The closure follows a prolonged battle in recent years by its owners to save the family business.
The company expressed its regret to staff at the Parnell Street store in Dublin this morning, blaming poor trading conditions.
Peats closed a number of stores last year but kept its flagship Parnell Street store open.
Chairman Ben Peat blamed the economic decline in Ireland and said trading in the past 15 months was not at a viable level to allow the business to continue.
“It is with great sadness and regret that we have had to make this decision, but we have been left with no other options,” Peat 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,” Peat said.
Closure image via Shutterstock