Xtra-vision

Xtra-vision

Xtra-Vision, Downpatrick
Company type	Private
Industry	Video rental
Founded	1979
Founder	Paul Cunningham
Defunct	c. 2021[citation needed]
Headquarters	Dublin, Ireland
Owner	Hilco Capital Ireland
Website	www.xtra-vision.ie[dead link]

Xtra-vision was a video, film and music retailer that operated across the island of Ireland. Founded in 1979, it had 200 stores at its peak before running into financial difficulties, changing ownership a number of times, and ultimately closing in 2021.

History

Xtra-vision was founded by Richard Murphy in 1979. At its peak, it operated over 200 stores across both the Republic of Ireland and Northern Ireland. Murphy later went on to form Chartbusters in 1993.

Xtra-vision went into financial difficulties in the early 1990s after aggressive expansion of their retail network caused a massive increase in their stock price on the Irish Stock Exchange, without sufficient liquidity to continue the network expansion, and their books having overestimated the value of their video stock in stores^{[citation needed]}. The company entered examinership and its finances were turned around by businessman Peter O'Grady Walshe in 1993. The company was bought by a venture capital consortium in 1994, with O'Grady Walshe as managing director.^[1] In 1996, the company was sold to US giant  Blockbuster.^[2][3]

The chain was run by Blockbuster from 1996. The chain never rebranded in Ireland, citing market research that the Xtra-vision name was better known and more respected than Blockbuster across the island. The few Xtra-vision stores outside Ireland — those in Manchester, London and New Hampshire, were rebranded to Blockbuster after the takeover.

The company had an exclusive deal meaning that any movie with funding from the Irish Film Board would initially be provided for rental and sale solely through their network of stores.

In August 2009, Blockbuster sold its Irish operations to Birchhall Investments. In May 2011, the company went into examinership but successfully exited in August.^[4]

On 29 April 2013, the company announced that it was to enter receivership with Luke Charleton and Colin Farquharson, of Ernst & Young.^[5] On 7 May 2013, the receivers announced that 20 stores would close throughout Ireland with a loss of up to 120 jobs. These stores were closed due to trading losses because of fall in revenue.^[6] Xtra-vision was sold to Hilco Capital Ireland in June 2013 for an undisclosed sum.^[7]

On 30 August 2013, Hilco announced that 26 Xtra-Vision stores would be dual-branded as HMV/Xtra-Vision).^[8]

On 27 January 2016, the High Court appointed a provisional liquidator to Xtra-Vision after the company became insolvent and unable to pay their debts, with most of the 580 jobs expected to be lost.^[9][10]

The company thereafter operated as an online business, selling movies, video games and electronics, and also operated vending machines (branded as Xtra-Vision Xpress) for renting movies and video games in SuperValu supermarkets, petrol stations and shopping centres. New movies were added every Friday. The customer selected the item they wished to rent and paid by debit/credit card. No subscription was required, but if a receipt was desired, an e-mail address had to be provided. The item had to be returned by 8pm on the return date (between 1-3 nights depending on amount of discs rented). If not returned, the fee was €1.50 daily, up to a maximum of 10 days (€15). After 10 days, the disc was the customer's to keep.

On 7 July 2021, Xtra-Vision Xpress was placed into voluntary liquidation and the business was closed.^[11]

2009 Halo 3 Tournament

On October 20, 2009, as a promotion for the upcoming release of Halo 3: ODST, Xtra-vision ran a Halo 3 tournament, in which they held 2 categories, Teams and Doubles, Teams being a 4 player team and Doubles being a 2 player team, in which they would compete in an all Ireland tournament, the winners receiving a free copy of Halo 3: ODST. The campaign turned out a great success, boosting publicity for Xtra-vision and the release of Halo 3: ODST. The winners of the Teams being "Team Axios", a Halo team from County Mayo, and the winner of the Doubles being Dan Vaughan and Marcus Conaghey.

Xbox One release controversy

When the Xbox One was released in November 2013, Xtra-vision gained negative media attention due to their policy of forcing customers who had pre-ordered the console to purchase an additional game in order to get their console. After media attention and backlash on social media websites, Ireland's National Consumer Agency launched an investigation into Xtra-vision's practices. Xtra-vision reversed this policy, and announced that refunds were available for those who had purchased an additional game with their pre-ordered console.^[12][13][14]

References

https://www.bbc.co.uk/news/uk-northern-ireland-35421088

This page was last edited on 31 March 2024, at 05:17