Xtra-vison is to close 28 stores in the new year, an unfortunate move that will directly affect 90 staff. In an article by TheJournal.ie this morning, a store manager commented that the move is likely to happen in late January, when the leasing agreements are up in certain stores.
It is believed that 8 stores will close in Northern Ireland and the decline in DVD rental and uptake of streaming services is believed to be the main factor in store closures. Xtra-vison will not be renewing leases that come up an end in Jan.
A statement from the company said that ‘Reflecting the changing dynamic in consumer behaviour as customers favour the retail opportunity in the entertainment market, Xtra-vision is condensing its store portfolio to a smaller number of focused retail locations’.
Xtra-vision, who is owned by Hilco Capital (the same owner of HMV) went into receivership in 2013. They will however remain dedicated to its vending machine operations and online channels.