580 Jobs “likely to be lost” at Xtra- Vision as liquidator appointed
The High Court has appointed a provision liquidator to the Xtra-vision movie rental chain.
The bulk of the 580 full and part-time jobs at the company are likely to be lost, Mr Justice Paul Gilligan heard.
The company’s owners, UK-based Hilco Capital petitioned the court for the appointment of Mr Michael McAteer of Grant Thornton Ireland as provisional liquidator of Xtra-Vision Entertainment Ltd, which operates more than 80 outlets in both the Republic and Northern Ireland, and related company Xtra-Vision Ireland Ltd which owns the stock.
The company operates more than 80 outlets in both the Republic and Northern Ireland, and related company Xtra-Vision Ireland Ltd which owns the stock.
Mr Justice Gilligan, who described the situation as unfortunate, appointed Mr McAteer after being told the movie rental firms were insolvent and unable to pay their debts.
The company cited the rapidly declining movie rental market and poor Christmas sales as the 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.
Edward Farrelly Bl for Xtra-Vision said the appointment of a liquidator would result in some of the jobs being saved but it was accepted that most of the company’s employees would have their employment terminated.
He added that any gift vouchers issued by the company will be honoured.