Rents blamed for Peats liquidation

Upward-only rent reviews have forced one of Ireland’s best known electronics retailers to seek the appointment of a liquidator at an upcoming voluntary creditor’s meeting.

Family-owned Peats’ World of Electronics has shut with the loss of 75 jobs due to high property rental costs, a changing marketplace, and less disposable income in the economy.

Peats chairman, Ben Peat, told staff that, due to the current conditions, the firm could not continue trading.