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Peat’s ‘World of Electronics’ presented a petition before Mr Justice Charleton at the High Court in Dublin this afternoon for the appointment of an examiner to the business, paving the way for the re-opening of the company’s flagship store on Parnell Street and website on 28 April. The company’s stores in Rathmines and Tallaght Store are set to recommence trading immediately and will be joined by outlets in Swords and at St Stephens Green under the Sony banner. The Tallaght and Parnell St stores will trade rent-free for a year while the company seeks to regain profitability.

Peats had announced its intention to appoint a liquidator through a proposed voluntary creditors’ liquidation and closed the company’s eleven stores with the loss of 78 jobs on 2 April.

Some 25 former staff will be re-employed between the Parnell Street and Rathmines stores by the weekend. A liquidation meeting scheduled for 22 April has been adjourned.

Chairman Ben Peat said; "It is with great joy that we make this announcement. Earlier this month I believed that Peat’s had reached the end of the road as the changing marketplace and higher rents put unsustainable pressure on our business.

"However, I can only describe as ‘phenomenal’ the reaction that we received after we made the closure announcement. In particular, the flexibility of our staff, our suppliers and other creditors has allowed us to re-evaluate and re-design our business model to establish a lower cost model for future operations… Our re-opening of the two stores and our website will continue to uphold the Peat’s ethos, putting service, knowledge and customer care alongside value for money and a top-line product range."

Peat’s World of Electronics very special ‘re-opening sale’ will commence in the Parnell St store on 28 April at 11am with online trading on www.peats.com from lunchtime that day. Valid gift cards, credit notes and warranties issued prior to the April closure will he honoured.

TechCentral Reporters