TWO Xtra-vision rental shops in Co Derry have shut after the company went into liquidation today.
According to its website, Xtra-vision has 11 branches in the North or Ireland with two in Limavady and Magherafelt.
The 11 branches employ around 60 people.
Oxtermont, the Dublin-based holding company of the chain, was placed into liquidation this morning.
The company said the move was a “direct result of the market decline of shop counter rental”.
“This has resulted in a 30% drop year on year in over the counter DVD rental,” the firm said in a statement.
The liquidators Grant Thornton said their first priority would be to meet and brief employees at all 83 locations and process their entitlements for redundancy.
They added that over the coming days they will be in contact with all creditors of the company.
Any Xtra-vision gift vouchers will be honoured by HMV which is not affected by the liquidation.
Xtra-vision was bought by Hilco Capital Ireland in June 2013 for an undisclosed sum.
Its exactly a year when two other Xtra-vision shops in the North West shut.
Last January the company announced it was shutting its stores at Lisnagelvin shopping centre on February 2, 2015.
Its shops in Strabane also pulled down the shutters.
A total of 10 jobs will be lost a result of those closures a year.
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