Xtra-Vision Has Gone Into Receivership

Another day, another business in trouble. According to reports this afternoon, Xtra-vision is the latest retailer to go into receivership.

Newstalk reports that a receiver is expected to be appointed to Xtra-vision at some point today.

Details are still emerging, but it is believed that the withdrawal of credit insurance and a major drop in the numbers of people renting films from the business is said to have led to today’s decision.

The company's stores will remain open while a buyer is sought

All Xtra-vision stores are to remain open while Ernst and Young search for a buyer to take over. Xtra-vision currently employs 1,024 people in its stores across Ireland.

Retail Excellence Ireland, the body which represents retailers, has blamed the Government’s “lack of focus” on the needs of Ireland’s economy.