independent

Thursday 17 April 2014

Fears for 25 jobs at Xtra-vision

THERE are fears for the future of up to 25 jobs in Kerry this week following the news that the movie, music and game rental and retail chain Xtra-vision has been placed in receivership.

The chain has five stores in Kerry, two in Tralee and one each in Killarney, Listowel and Castleisland, and employs around 25 people in full and part time positions between the five outlets.

Staff have been told that their jobs are not at immediate risk as the receivers, Ernst and Young, are hoping to sell the business as a going concern and all of the chain's 152 outlets will continue to trade as normal the receiver attempts to find a buyer.

During the receivership and sales process customers should remain unaffected and all gift cards, cash deposits and savings club amounts will be honoured.

Joint Receiver Luke Charleton of Ernst and Young said that according to the information he has received the majority of Xtra-vision's outlets are profitable and collectively would be attractive to potential buyers.

Ernest and Young said it will be working closely with management at Xtra-vision to assess the viability of each of individual stores.

The receivers said they will be briefing all staff and contacting suppliers in the coming days to ensure that trading continues as normal.

According to sources, the withdrawal of credit insurance coupled with a downturn in movie rentals and sales as Internet movies providers claim more and more of the domestic movie watching market led to decision to place the company in receivership.

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