Courts / Dublin / Report
Hundreds of jobs likely to be lost as provisional liquidator appointed to Xtra-vision
Summary
The High Court appointed Mr Michael McAteer of Grant Thornton Ireland as provisional liquidator for Xtra‑Vision Entertainment Ltd and Xtra‑Vision Ireland Ltd, following a petition by Oxtermont Ltd, part of Hilco Capital. Mr Justice Paul Gilligan confirmed the appointment after learning the firms were insolvent and could not meet debts as they fell due. The companies operate over 80 outlets across the Republic and Northern Ireland and employ 583 full‑time and part‑time staff. The court noted the bulk of these jobs are likely to be lost, though some positions may be retained at related companies such as the HMV chain. Xtra‑Vision's owners cited a significant decline in revenues—over €12.4 million in 2015—and a €2.5 million loss, attributing the downturn to the decline of the movie‑rental market, increased online streaming, and piracy.
Who, what, where, when and why
What: Report matter: Hundreds of jobs likely to be lost as provisional liquidator appointed to Xtra-vision. Procedural stage: hearing_or_decision
When:
- 2013 and 2014 Other
- 2016-01-27 Publication
Places mentioned
- The High Court
Topics
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