Almost 600 to lose jobs as Xtra-Vision goes into liquidation
Legendary video and DVD rental chain Xtra-Vision is to close the vast bulk of its shops across Ireland with the loss of almost 600 jobs.
Extra-Vision Entertainment Ltd, which owns 83 stores in northern and southern Ireland, was today described as insolvent and unable to pay their debts in the High Court in Dublin.
Michael McAteer of Grant Thornton Ireland was named by Justice Paul Gillan as the provisional liquidator of the video entertainment business.
Mr Gillan described the situation as "unfortunate".
The company blamed the rapidly declining movie sales industry coupled with a poor Christmas as the main contributors to Xtra-Visions financial decline.
Representatives for Xtra-Vision said that any gift vouchers issued would be honoured.