Peats ‘World of Electronics’ – Statement
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: email@example.com