All Xtra-Vision stores to cease trading from today

The High Court has appointed a provisional liquidator

High Court, provisional liquidator, Hilco, Xtra Vision, Grant Thornton, Oxtermont Ltd

File photo | Image: RollingNews.ie

Xtra-Vision has confirmed all its stores are to close from today.

It comes after a liquidator was appointed for the company by the High Court.

The company operates 83 Xtra-Vision stores.

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.

In a statement, Oxtermont Ltd - the holding company of Xtra-Vision Entertainment Limited - said: "This move is a direct result of the market decline of shop counter rental as changing dynamics in consumer behaviour has led to customers favouring the retail opportunity in the entertainment market".

"This has resulted in a 30% drop year on year in over the counter DVD rental".

 The statement adds that Xtra-Vision will cease to trade from all stores on January 27th.

Grant Thornton says their first priority is to meet and brief employees and process their entitlements for redundancy.

"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", they add.