Electronic retailer Peats has announced all its stores are closing down with immediate effect with the loss of 22 jobs. The company chairman briefed staff at the Parnell Street store this morning outlining that the company could not continue to trade due to poor market conditions.

Peats was forced to close a number of outlets last year, while keeping the flagship Parnell Street store and its online business open.

Since then, it says the electronics sector has continued to suffer from economic decline and trading over the last 15 months 'has not been at a viable level' to allow the business to continue.

Chairman Ben Peat says the decision was made 'with great sadness' and he has paid tribute to staff and customers who supported the firm for nearly 80 years.

The firm says a creditors meeting will follow soon.

"Obviously it is a particularly difficult decision for me, with the business having been in my family since 1934 and it's a real shame to lose the familiar Peats shop front from the high street" Chairman Ben Peat commented.

"I want to put on record my heartfelt thanks to all the staff who have worked with us over the years for their loyalty, hard work, dedication and commitment to providing the exceptional customer service which has always been Peat's hallmark".

"Finally, thank you to all our customers and our suppliers who enabled Peats to trade for nearly 80 years, a remarkable achievement for a family owned retailer in our sector".

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.

Customers with outstanding orders or other queries can contact Peats via email on admin@peats.com and via telephone on 01-878-4057.