Xtra-Vision Is To Cease Trading With Hundreds Of Jobs Lost
It was announced in the High Court today that a provision liquidator has been appointed to the movie rental chain Xtra-Vision.
The company had been sold to UK firm Hilco Capital in June 2013 who went on to dual brand 26 of the stores with HMV, but the rapid decline in demand for movie rentals and bad sales figures during the recent festive period were blamed for the company's request to be liquidated.
According to RTÉ News, the majority of the 580 staff are to be let go.
Mr. Justice Gilligan described the situation as unfortunate, and Michael McAteer has been appointed as the provisional liquidator for the chain.