Xtra-vision in Lurgan to shut as firm stops trading

Xtra-vision
Xtra-vision

Xtra-vision’s Lurgan store is one of 11 earmarked for closure as the firm goes into liquidation.

The High Street branch of the DVD rental chain will cease trading today (Wednesday).

There was no answer when the MAIL telephoned the Lurgan store today.

According to its website, it has 11 branches in Northern Ireland though some are located within HMV shops.

Those shops are thought to employ around 60 people. The company operates a further 71 stores in the Republic of Ireland.

Oxtermont, the Dublin-based holding company of the chain, was placed into liquidation on Wednesday morning.

The company said the move was a “direct result of the market decline of shop counter rental”.

“This has resulted in a 30% drop year on year in over the counter DVD rental,” the firm said in a statement.

The liquidators Grant Thornton said their first priority would be to meet and brief employees at all 83 locations and process their entitlements for redundancy.

They added that over the coming days they will be in contact with all creditors of the company.

Any Xtra-vision gift vouchers will be honoured by HMV which is not affected by the liquidation.

Xtra-vision was bought by Hilco Capital Ireland in June 2013 for an undisclosed sum.

Hilco specialises in buying distressed retail businesses.

The company had previously been owned by Blockbuster and then an Irish investor.

Meanwhile, a statement by Grant Thornton, the liquidators appointed to Xtra-Vision reads that their “first priority is to meet and brief employees at all 83 locations 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.”