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IT IS HOPED that many jobs will be saved after the announcement that Xtra-Vision has been bought by Hilco Capital.
Luke Charleton and Colin Farquharson, of Ernst & Young, joint receivers of the film retail and rental brand, Xtra-vision Limited, said today that they have completed the sale of the business and its assets to a number of companies backed by Hilco Capital Ireland Limited.
The sale was made for an undisclosed sum and includes the business, stock and head office in Tallaght. They said the sale helps to safeguard jobs across the island of Ireland and secures a future for the Xtra-vision brand.
Charleton said:
In what has been a very challenging time and volatile climate for retailers, it is particularly pleasing to have completed the sale of Xtra-vision, one of Ireland’s strongest retail brands and protecting jobs across the island of Ireland. It provides a solid financial footing on which the business can be taken forward and we wish Hilco Capital Ireland Limited and Xtra-vision every success with the business in the future.
He added that the receivers are extremely grateful for the support and loyalty showed by all employees and customers “during what has been an uncertain time”, and would like to thank everyone at Xtra-vision for their commitment and hard work during the receivership process.
The joint receivers were advised by William Day of Arthur Cox.
Hilco
Hilco Capital, the restructuring and turnaround specialist, said Xtra-vision will now join HMV in Hilco’s $1bn turnover international entertainment retail division.
Hilco, managed in Ireland by Larry Howard, has appointed former Blockbuster UK Commercial Director, Gerry Butler, as CEO of the new business.
Howard said that the final transfer of stores to Hilco will take place gradually, following discussions with a number of the company’s landlords aimed at regularising the terms and conditions of leases.
We have had supportive messages from a number of landlords and we are, therefore, hopeful that we will be able to retain all of the stores which we have agreed to acquire.
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That reminds me, I must rewind that Betamax copy of The Goonies before I return it.
Merge Xtravision with HMV. One floor of purchases and another for rentals.
Then add an encyclopedia selling section along with a photo developing section… ya that will take off… are you out of your mind?
I love extra vision I do, and they unlike many online such as itunes have the ability to give me free popcorn, sweets and drinks with my 5 euro rentals. But I do think a radical change of business model is needed for them if they are to compete with the digital online download craze. The apple box/tv is the new thing. I recommend that they create an app for renting movies. It would actually work out cheaper for them in the long run. I think people on here who download movies illegally contribute to the loss of jobs and should be ashamed of their behaviour.
Ahh jaysus Stephen just when I was about to green thumb you ya threw in that last comment.
It’s probably the free-masons fault.
I don’t care about green or red thumbs. I am 28 years old, not 10.
But you still believe in fairytales?!
Stephen I green-thumbed you for your last sentence. If nobody wants to pay for entertainment then where is the money going to come from for its production. I work in the digital media area and it’s a real issue for music, film, TV companies, who employ a lot of people, to understand how to make money if what they create is perceived as free and ‘worthless’.
Maybe they should hire different people??
For now,
As much as it is awful to day it because it affects employee’s, this business model is doomed….it cannot be saved!
Expect them to be in trouble again or likely out of business by 2015.
This will be the only way they can employee people in future:
http://www.youtube.com/watch?v=3TrPwOrf4sM
I can see them merging with HMV. Hilco now has relatively low cost outlets to base the HMV business from as opposed to high end retail units.
They should also link up with justeat.ie and offer meal & movie deals.
Xtra vision actually made money last year. And now they have off loaded the dead stores expect them to be here a lot longer than 2015.
Approach counter with chosen film.
Would you like 3 more movies for 3 more days? No
Would you like this heavily saturated popcorn?,(queue building behind) no.
Have you seen our weekend special? Yes
Would you like to sign up for it? No
(someone in queue has collapsed)
Would you like to take that unconscious person with you?Mmmmmm no
DVD WILL BE FINE THANK YOU!
Good man Bob. Very good
DVD rental is dead, end of story. In Ranelagh Chartbusters closed 4 years ago, Xtravision 2 years ago and now, despite zero competition, Lazer are gone too.
Can we get Hilco in to run the country?
Can Hilco get me a medical card? If so they get my vote
Hilco buying another non-profit making entity, HMV closed because of the availability of downloads and cheap DVDs through online retailers and second hand sites like eBay if you don’t want to pay for a new box set. Chart busters closed because of movie streaming like netflix, itunes and on demand. The old school ways are rapidly fading away. Mind boggles why they would waste their money instead of investing in modern, faster and easier entertainment services.
They must change the business and revenue model for it to work. Traditional movie and music stores can no longer keep up with the progress of technology and the effect it has on the industry. I’m talking more about itunes, Netflix etc rather than illegal downloading. Reducing the price of these products will only keep them going for so long, which unfortunately is the harsh reality. The industry is changing, they always do.
@stephen , it’s Xtravison seems you love it so much
There making a film about this! (I’ll get me coat)
Well done to all for a positive outcome to this situation.
It is another example of the great work that Enda Kenny is doing getting this country back to work.
Zzzzz.
Xxxx
I’m glad the business was saved but to really make a difference they need to get rid of the General Manager from the business who along with at least one person in in HR function have been intent on creating a culture of fear and control in the employees of the company through open contempt for employees, micromanagement, open distrust by managing to the lowest common denominator (if you can’t trust the people you employ to run the stores, you are either employing the wrong people) at all times and the firm belief that disciplinary action against managers and their staff of the constant threat of the same is not only a valid form of employee management but a valid form of training. They have lost many experienced people through this warped business model who only had the company’s best interests at heart. They must also realise that they are a service industry who relies on the good will and interaction with the local community around each store rather than using a single centralized policy based in Dublin and expect and demand that it works in every store across the country taking no account of local factors or engagement with local communities what so ever. Indeed it has been the case that any local efforts to do this have been pilloried and forced to stop by these individuals to the detriment of those branches in both sales and bottom line profit.
I am very glad that the managers and staff have a brighter future and truly hope that Hilco will bring a brighter environment.
Ps4 just saved extra vision..funny they get taken over today
and stop charging us double for being a day late back .. I forgot the kids had 2 games out so I was 2 days late so probably cost me €25 or so on my next rental so never went back . we dont do it on purpose … ;-)
Your game would be €1.50 for every day it’s late. Do the maths.
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