herald

Friday 15 December 2017

Peats closes its doors after losing battle to beat recession

The closure of Peats will see Parnell Street losing one of its landmarks.

The family-run business, on the street since 1934, has closed its doors for the last time.

Where once it was a store selling bicycles, wet-cell batteries and prams, Peats World of Electronics was known in later years as a shop at the cutting edge of consumer technology.

The 22 staff of Peats were informed yesterday morning of the closure and the loss of their jobs, blamed by chairman Ben Peat on poor market conditions.

In a city littered with closed shops and vacant units, this is drawing more attention than most.

Many shoppers passers by stop to read the closure notice on the door or peer through the closed shutters into the darkened shop floor.

Ben Peat spoke of his "sadness and regret" when announcing the closure yesterday, sentiments echoed by people in the area.

Brian Gillespie, a regular customer of the store in the past, told the Herald that it's a shame to see it go.

"I always picked up bits and pieces there down the years," he said.

 

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"But that's the way it goes. Unless something like this is supported, it will go. People will miss it when it's gone. The staff were great," he added.

Local man John McGurk agreed, saying: "I'm so sorry to see it go. It was really a great shop. More and more Irish businesses are vanishing. Surely something could be done."

Paul Nally thinks it was increasing hard for the shop to compete with internet shops and out of town retailers.

"It's a shame that it's closing," he said. "I haven't shopped there in a few years but I suppose that's part of the problem.

"You can't really blame people for shopping online. It's usually so much cheaper.

"You don't really come into town to get your TVs either. People are more likely to buy them at one of the shopping centres outside the city."

"It's the way things are going really," he added.

Peats World of Electronics closed 11 city stores last year because of the recession, high rental costs and the impact of online retailers, cutting 75 jobs.

The firm later reopened it landmark Parnell Street store, as well as one in Rathmines, but yesterday's announcement spells the end for the company.

hnews@herald.ie

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