All 83 Xtra-vision stores across Ireland ceased trading on Wednesday morning after the High Court in Dublin appointed a provisional liquidator to the entertainment retailer.
A total of 580 jobs across the island are set to go, including 60 in 11 outlets across Northern Ireland.
Hilco Capital, the UK based company who now own the chain, petitioned the court for the appointment of Michael McAteer of Grant Thornton Ireland as the provisional liquidator of Xtra-Vision Entertainment Ltd.
The company told the court that the rapidly declining movie rental market and poor Christmas sales were the reasons for the application to go into liquidation.
Legal counsel for Xtra-vision said the appointment of a liquidator would result in some of the jobs being saved, but it was accepted that most of the company’s employees would have their employment terminated.
A spokesperson for Grant Thornton said, “Grant Thornton can confirm that Michael McAteer has been appointed provisional liquidator of Xtra-vision Entertainment today. Our first priority is to meet and brief employees at all 83 locations and process their entitlements for redundancy.
“Over the coming days we will be in contact with all creditors of the company however, it is important to note that any Xtra-vision gift vouchers will be honoured by HMV which is not affected by this liquidation.”
Receivers were originally appointed to Xtra-vision in April 2013, prompting the closure of 11 outlets in Northern IReland and nine stores in the Republic of Ireland.