The High Court has appointed a provisional liquidator to the Xtra-Vision movie rental chain. The bulk of the 580 full and part-time jobs at the company are likely to be lost, Mr Justice Paul Gilligan heard.
The company’s owners, UK-based Hilco Capital, petitioned the court for the appointment of Michael McAteer of Grant Thornton Ireland as the provisional liquidator of Xtra-vision Entertainment Ltd.
The company operates more than 80 outlets in both the Republic and Northern Ireland, and related company Xtra-vision Ireland Ltd which owns the stock.
The company cited the rapidly declining movie rental market and poor Christmas sales as the reasons why it is seeking to go into liquidation.
Xtra-Vision was sold by to Hilco Capital Ireland in June 2013 for an undisclosed sum. In August of that year, Hilco also announced that 26 Xtra-vision stores would be dual-branded with HMV.
The company was formerly owned by US giant Blockbuster. In 2009 Blockbuster sold off the chain to Birchhall Investments. In May 2011 the company went into examinership but successfully exited in August of that year.
“Over the coming days we will be in contact with all creditors of the company however, it is important to note that any Xtra-Vision gift vouchers will be honoured by HMV which is not affected by this liquidation.”
BuzzHub visited our local Xtra-Vision for the final time on Tuesday afternoon. That particular branch had announced its imminent closure a few months ago, and we were prepared to say ‘goodbye’. My final purchases from an Xtra-Vision were Whiplash and Birdman this September. Thank you, Xtra-Vision. You’ve been a good friend to us all these years, despite your lack of decent air conditioning. Have fun in Movie Rental Store heaven.