Peats 'World of Electronics' in Dublin is to seek the appointment of a liquidator resulting in the loss of 75 jobs.

In a statement on its website, Peats said Chairman Ben Peat briefed staff today at the company headquarters in Parnell Street.

Peats has 11 stores around Dublin, and at its height in 2007 had a turnover of €24m.

“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,” the company said.