Peats 'World of Electronics' is to close with immediate effect, resulting in the loss of 22 jobs.

The company had last year closed a number of its stores, but managed to keep its flagship Parnell Street store and its online business open.

In a statement today, the company said that since then the electronics sector has continued to suffer from economic decline and trading over the last 15 months has not been at a viable level to allow the business to continue.

Chairman Ben Peat briefed staff at their Parnell Street store this morning, outlining that the company could not continue to trade due to continuing poor market conditions.

He said: "It is with great sadness and regret that we have had to make this decision, but we have been left with no other options.

"Unfortunately, the sector in which we operate has been disproportionately adversely affected by the economic downturn and despite the best efforts of myself and my fellow directors, including a remodelling of the business last year, we simply cannot continue in this climate."