Xtra-vision sold to HMV owners Hilco CapitalWednesday 12 June 2013 10.50
Movie rental chain Xtra-vision has been sold to Hilco Capital Ireland for an undisclosed sum.
Hilco, which recently acquired HMV in Ireland and Britain, will now take control of the chain's business, stock and head office in Tallaght, Dublin.
Xtra-vision entered receivership in late April, blaming the growth in online streaming and also piracy.
Paul McGowan, CEO of Hilco Capital, said the retailer was "a very strong brand in the Irish market", while also being "a good fit alongside HMV".
Xtra-vision will now become part of the firm’s international entertainment retail division.
The company currently employs 803 staff on the island of Ireland in 130 stores.
About three quarters of its employees are in the Republic.
It is understood there will be a small number of store closures but no specific number has been agreed.
Hilco, the new owner of Xtra-vision, will hold discussions about renegotiating leases for the stores with landlords.
Hilco Ireland’s Larry Howard said the transfer of Xtra-vision stores would take place gradually following discussions with landlords "aimed at regularising the terms and conditions of leases".
Mr Howard said the firm was hopeful that it would be able to retain all of the Xtra-vision stores it acquires.