Uncertainty over local jobs as Xtravision goes into receivership

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Uncertainty surrounds the future of jobs at Derry’s Xtravision stores after it was announced the movie rental chain is to go into receivership.

Receivers Ernst & Young says all 152 stores across Ireland will stay open while they seek a buyer for the Tallaght based chain.

There are two branches in Derry - at Strand Road and Lisnagelvin - and further shops in Limavady and Strabane.

Across Ireland Xtravision employs 1024 staff - more than 240 in its 42 northern stores.

Derry Sinn Fein MLA Maeve McLaughlin said she was “disappointed” to learn the chain had gone into receivership.

“We have seen a number of well-known high street names close in the city over the past few months. It is very important that workers are kept up to speed as to what the future holds for their jobs. And that their rights and entitlements are honoured,” she said.

In a statement posted on Facebook the company said they would honour all gift cards, cash deposits and savings club amounts and said they wanted to “reassure you that we are business as usual and we will still bring you the top new movies, games and more each week so pop in and support your local store.”

Luke Charleton of Ernst & Young said today it is hoped the business can be sold as a going concern.

“We are advised that the majority of stores are profitable and collectively will be attractive to potential purchasers. We will work closely with management to assess the viability of each of company’s stores.

“We will advertise the business seeking expressions of interest from third parties with a view to securing the early and successful disposal of the Xtra-vision, thereby ensuring the continuation of the business,” he said.