Updated: 03/04/12 : 08:22:30
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75 Jobs lost at Peats

Seventy-five jobs are to go at the Dublin firm Peats World of Electronics, it has been announced.

In a statement last night, the company said all 11 of its stores in Dublin have closed with immediate effect, and that staff would be paid their full entitlements.

The company also has 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 shops under the Sony Centre identity. These outlets are located in the Jervis Shopping Centre, on OíConnell St, in Dun Laoghaire, in the Stephenís Green Shopping Centre and also on Stephenís Green. All stores have now been closed.

The company said a combination of the recession, high rental costs and online shopping has meant it could no longer continue trading.

"The business generated 60% of its annual sales in the period November to January, and that a summerís spend could not carry the business, to allow it to continue," said company chairman Ben Peat.

"It is evident in our experience that consumers have little discretionary spend at this time and sales volumes are up to 50% down on peak 2007 spend, while in parallel it has not been possible to achieve appropriate rental adjustment to enable a profit margin to be achieved to sustain business viability.

"The sector in which we operate has been disproportionately affected by the downturn, if we donít close now our capacity to settle our affairs to best effect will only further deteriorate."