PEATS ‘WORLD OF ELECTRONICS’ is set to exit examinership following a successful meeting with creditors.
The long-running Dublin chain, which was first established on Parnell Street in 1934, announced earlier this year that it was to close 11 stores with immediate effect, citing rising costs and rents along with reduced spending power of their customers as reasons for the move.
Since then, Chairman Ben Peat said, the company has been “overwhelmed by the goodwill and understanding” from suppliers and customers.
“Because of the goodwill and generosity shown us by staff, creditors, suppliers and our customers we have managed to turn an initially very saddening experience into a success story,” said Peat. “I believe our reputation for customer service, excellent advice and good quality built up over 78 years in business has stood to us and I am determined that we look forward and retain this reputation for the next 78.”
He expressed his gratitude to all the people who made the turnaround possible:
We couldn’t have done this without the help of so many people and I want to thank all those who supported us – staff, family friends ,supplier, and most of all our customers in helping to bring Peats back to the high street.