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Peats closing down

  • 03-04-2012 12:40pm
    #1
    mathie
    Registered Users, Registered Users 2 Posts: 5,102 ✭✭✭


    Didn't see anything here on this.

    Genuinely saddened to see them go.
    Peats 'World of Electronics' - Statement
    02.04.2012

    It is with deep sadness and regret that the family owned business of Peats ‘World of Electronics’, the long established and well-known Dublin electronics retail company is to seek the appointment of a Liquidator in an upcoming voluntary creditor’s liquidation.

    The Chairman of the business, Ben Peat, briefed the company’s 75-staff today at the company’s head-office store in Parnell St and told staff that the company could not continue to trade in light of its current financial constraints confirming that the company’s eleven stores around Dublin have closed with immediate effect.

    Mr Peat told staff that a combination of recession impacts, unsustainably high rental costs and a changing marketplace in which online shopping was eating into high street retailing, meant that the business cannot continue to trade going into the upcoming lean summer. Mr Peat said that “the business generated 60% of its annual sales in the period November to January, and that a summer’s spend could not carry the business, to allow it to continue. 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 don’t close now our capacity to settle our affairs to best effect will only further deteriorate”, Mr Peat said.

    http://www.peats.com/


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