Yesterday, we learned that receivers had been appointed to Xtra-vision who employs 1,023 people in 152 stores around the country.

The shops will remain open while the receiver, Luke Charlton of Ernst & Young, finds a buyer.

It is understood that the company has suffered from the withdrawal of credit insurance and it has also faced a drop in DVD rentals because of piracy.  The company’s most recent accounts, for the year to end January 2012, show sales plummeting to €93 million, from €115m in the previous year.

Are people still physically going to places like Xtra-vision to rent DVDs when there are so many more ways of watching movies from the comfort of your home?

Philip Molloy, presenter of the Picture Show here at Newstalk, argued for the preservation of the video shop on the Right Hook yesterday saying they are important parts of the entertainment industry. Philip explained how he enjoys visiting Xtra Vision on a weekly basis to see what new releases were on offer.

Newstalk's policital editor Shane Coleman, who's standing in for George all week spoke to Stephen O’ Leary of O’Leary Analytics. O' Leary thinks we’re just a little nostalgic for video shops and records shops and the sad truth is that entertainment is evolving. People want their entertainment to be instantaneous.

Stephen believes that there are people in ‘rural and no so rural Ireland’ who will continue to visit video stores as they don't have access to good broadband to allow them to download films.

He says that it is completely unfair to blame illegal downloading entirely for Xtra Vision’s troubles as legal downloading as proven to be so successful.

Stephen told Shane and Philip that if Xtra Vision is to survive they need to focus on the elements of the business that drive revenue.