independent

Friday 25 July 2014

Xtravision staff dodge the bullet

BILL BROWNE

Published 16/05/2013|12:30

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FEARS for the future of the Xtravision stores in County Cork area have been eased after it emerged last week they are to remain open for the foreseeable future.

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There was, however, bad news for employees of 20 stores across Ireland which have closed their doors with the loss of more than 110 jobs.

The 11 stores in the Republic, the majority of which were in the capital, and nine in Northern Ireland were closed by the receiver appointment to the company after it went into receivership.

In a statement the receivers said the 20 stores had been identified for closure "as a result of unsustainable trading losses resulting from a fall in revenue".

The remaining stores, including those in Mallow, Fermoy and Mitchelstown, will remain open while the receivers search for a buyer for the company.

The statement said the joint receivers would continue to seek a sale of the business and assets as a going concern and are continuing discussions and negotiations with "a number of interested parties."

It said that to date the receivers had received a number of expressions of interest for the business and were "encouraged by the levels of interest.

"It is regrettable that we have had to schedule these store closures and we are extremely grateful to the employees and management at all the stores for their loyalty and support during what has been a very difficult and uncertain time," said receiver Luke Charleston.

"We are keen to stress that those stores are unaffected by these closures will continue to trade as normal," he added.

Corkman

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