THE HIGH COURT has appointed a provisional liquidator to the Xtra-vision movie rental chain.
The bulk of 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.
Justice Paul Gilligan, who described the situation as unfortunate, appointed Mr McAteer after being told the movie rental firms are insolvent and unable to pay their 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.
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 the bulk of the company’s employees would have their employment terminated.
Counsel added said that any gift vouchers issues by the company will be honoured.
More to follow…
By Thomás O Cléirigh
With an extra TAX (4500 euros on every household a year) in the state is it any wonder we are seen these companies go bust? Most households are struggling to keep up with their bills :
I cant remember the last time I rented out a movie ! With property tax, USC,water taxes and a whole pleater of stealth taxes I am not surprised! Yes More to follow!