75 jobs to go with Peats 'World of Electronics' closures

Gman496

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Peats 'World of Electronics' in Dublin is to seek the appointment of a liquidator resulting in loss of 75 jobs.

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In a statement on its website, Peats said Chairman Ben Peat briefed staff today at the company headquarters in Parnell Street.
Peats has 11 stores around Dublin, and at its height in 2007 had a turnover of €24m.
“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,” the company said.


Company Statement:



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.


Mr Peat told staff that “Trade hit its peak in 2007, with turnover that year of €24m, it has since re-trenched to less than half for the current year” and thanking staff, customers and suppliers, he continued, “the Company had a fine heritage for quality, decency and value, it became a popular name on the Dublin retail landscape and it’s departure from the high-street will be a loss to the tradition of family retailing in Dublin. Thanking customers he said, it is with deep regret that we have to close the doors of our ‘world of electronics business’, - we have tried very hard to establish solutions with suppliers and landlords that could have brought balance and sustainability back into our business. We have implemented extensive cost-reduction at all levels including payroll and terms of employment, but unfortunately it is beyond our power to continue in operation and we have to protect our staff, creditors, debtors and legal interests to best possible effect and do right by all concerned as far as is both humanly and financially possible. We cannot allow our situation to deteriorate further – as we do not want to compromise our capacity to secure the best possible outcome for all out of what is a difficult situation”


Thanking staff for their support and loyalty in a number of cases for over thirty years, Mr Peat said that staff will be paid their entitlements and redundancy due in full, and asked for their support for both colleagues and the business in the coming days, while the business settled its affairs to the very best of its ability to do so. He commented that over the years Peat’s staff have always been exceptional, there was one big extended family within which three generations of the Peat family still currently work.


Peats began life in Parnell Street in 1934 when Brigit and William Peat set up shop to sell wet cell batteries, bicycles, furniture and prams. All six of their children joined the business and their youngest son, Ben Peat is the current chairman. In its early years the company began to develop the electronics side of the business selling radiograms, followed by three-in-one hi-fi systems and contemporary products including repair services, to the present day sales of an assembly of electronic home entertainment products including flat screen TV’s, cameras, computer laptops and accessories.


Peats’ eleven stores are located throughout Dublin, with its head office in Parnell St; 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 O’Connell St, in Dun Laoghaire, in the Stephen’s Green Shopping Centre and also on Stephen’s Green, close to the Shelbourne Hotel.


All stores have now been closed and telephone calls will automatically be directed to a call centre to accommodate any enquiries arising, so that they can be logged and dealt with as efficiently and as soon as possible.


In making enquiries customers are invited to call 01-9023718 or to Email: admin@peats.com

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Sad to hear this news. As had said above it is a place and a name we all grew up with.
 
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Yep Noelyf, Peats of Parnell Street was always a household name, even in cultie land ;) Although they weren't the cheapest by any means (and that's understandable to a point) they were known for quality products and their helpful knowledgeable staff. Unfortunately they are yet another local victim of the big UK players like PCWorld, Curry's, Dixon's etc. They could neither compete or ride the storm like those big names.

A sad day for everyone concerned :(
 
Ah Yes as the lads say so sad to hear.So many years i have spent in Peats of Parnell st.How i remember the old radiogram:(
 
Ah Yes as the lads say so sad to hear.So many years i have spent in Peats of Parnell st.How i remember the old radiogram:(


Yes Ally it is really sad for all concerned.

I wonder why he didn't even look at keeping the Parnell St store and letting the others go? Maybe he did but his hands were tied? I suppose too that with 11 stores he had some sort of buying power with his suppliers and with only one store he'd probably have no chance of competing?

We have only one PCWorld down here and one Curry's, both are pretty large though. Over the last year or so I was amazed to see the amount of shelves and stock disappearing from PCWorld, there is so much unused space when you enter their store now, it's like walking onto the pitch at Croker lol They're paying top buck on rental too so I just don't know how they justify it?
 
When i was growing up all we had was peats.Now you have all the big shopping centers,in Dublin anyway, and they are crammed with everything got to do
with electronics.Even Tesco's are selling tv's laptops and everything electrical.So it is always going to be hard for a family Business like Peats to compete with them:(
 
Peats was an institution in dublin electronics. they haven't been competitive in quite a while now, thanks to the PC World/Dixons stores.
I believe that Peats also have something to do with at least some of the Sony stores in dublin. I recently was getting something from a Sony store, they didn't have it and pointed me to their "other Store" - Peats.

Not a great time to be in this market if you don't have the big buying power, and the co-operation of other big players. Amazon wouldn't allow them to stock kindle or kindle accessories.

Shame all the same for nostalgia reasons and also for the poor unfprtunates who have just been consigned to hatch 2. :boo:

Hopefully after administration, they can come back, even if it is only in Parnell ~St.
 
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