Peats World of Electronics closes

Trade

Peats World of Electronics today announced the immediate closure of its retail stores with the loss of 22 jobs at its store in Parnell St, DUblin.

In a statement released today chairman Ben Peat said that despite an effort to restructure the company last April, trading conditions had not improved enough to keep the business afloat.

"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 in a statement posted on the company website.

Peats initially closed its doors in April 2012 after a poor Christmas season and reopened the following August in Rathmines and Parnell St.

TechCentral Reporters