Well-known electronics retailer Peats World of Electronics has ceased trading and is to seek the appointment of a liquidator.

The closure of the 11 stores in Dublin will result in the loss of 75 jobs. At its height in 2007 the company had a turnover of €24m.

It said 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 can not continue to trade.

In a statement on its website, Peats said the company's chairman Ben Peat briefed staff yesterday at the company headquarters in Parnell Street in Dublin city centre.

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 and their youngest son, Ben Peat is the current chairman.

In its early years the company began to develop the electronics side of the business selling radiograms, followed by three-in-one hi-fi systems and contemporary products including repair services. It then moved to sell electronic home entertainment products including flat screen TV's, cameras, computer laptops and accessories.

Peats' 11 stores are located throughout Dublin, with its head office in Parnell Street. The company also has stores in Blanchardstown, College Green, Rathmines, Swords and in the Whitewater Shopping Centre in Newbridge.

It also operated a number of Sony Centre shops under the Sony Centre identity. These outlets are located in the Jervis Shopping Centre, on O' Connell St, in Dun Laoghaire, in the Stephen's Green Shopping Centre and also on Stephen's Green, close to the Shelbourne Hotel.

All stores have now been closed and telephone calls will automatically be directed to a call centre to accommodate any enquiries.