ALL remaining 11 Xtra-Vision outlets in Northern Ireland are to close immediately with the loss of 60 jobs as the rise of movie-on-demand services and digital downloads have finally forced the chain out of business.
Liquidator Grant Thornton has been appointed provisional liquidator of Xtra-Vision Entertainment, and confirmed it will oversee the closure of all 83 sites across Ireland, with the bulk of its 580 full- and part-time jobs likely to be lost
Xtra-Vision, which once operated more than 250 stores across the island, has endured unsustainable trading losses resulting from massive falls in revenue.
The stores in Northern Ireland which are pulling down the shutters are in Limavady, Newcastle, Omagh, Larne, Magherafelt, Cookstown, Lurgan, Armagh, Banbridge, Dungannon and Warrenpoint.
A spokesman for Grant Thornton said: “We can confirm that Michael McAteer has been appointed provisional liquidator of Xtra-Vision Entertainment.
“Our 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.”
The company's UK-based owners Hilco Capital, which specialises in buying distressed retail businesses, had petitioned the High Court in Dublin for the appointment of liquidators.
And yesterday Mr Justice Paul Gilligan - who described the company's situation as "unfortunate" - appointed Mr McAteer after being told the movie rental firm is insolvent and unable to pay its debts.
The company cited the rapidly declining movie rental market and poor Christmas sales as reasons why it is seeking to go into liquidation.
The appointment of a provisional liquidator would aid the orderly winding up of the company, the court heard.
