Joint receivers appointed to Xtra-Vision

ColeTrain

Receivers have been appointed today to Xtra-vision, which employs 1,023 people in 152 stores around the country.
Joint receivers Luke Charleton and Colin Farquharson, of Ernst & Young, were appointed today.
The Tallaght-headquartered firm said that all of its stores will remain open while expressions of interest in the company are being sought by the receiver.

http://www.rte.ie/news/business/2013/0429/387458-xtra-vision-receiver/

Sign of the times. They will be doing well to find a buyer.

the groutch

shame to see so many jobs at risk, but not at all surprised.

summerskin

did they dvd it coming?

crashplan

Surprised it didn't happen sooner. Hopefully they can save some jobs.

Fizman

summerskin wrote: »

did they dvd it coming?

<Tumbleweed>

Dravokivich

Don't see much use in the rental market, but there can still be demand for retail if it's managed correctly. Guessing it was old debts they have been unable to settle that's brought them to this?

Heisenberg1

summerskin wrote: »

did they dvd it coming?

That's a lovely comment to make when so many peoples Jobs look like been lost.

summerskin

Heisenberg1 wrote: »

That's a lovely comment to make when so many peoples Jobs look like been lost.

Yeah, was a bit shít to be honest.

kraggy

summerskin wrote: »

did they dvd it coming?

Of course they did. They have xtra vision.

FatherLen

I'm surprised this didn't happen earlier.

Banjo String

Downloads is where it's at these day's lads.

Sorry for the employees though.

ColeTrain

summerskin wrote: »

poor joke previously here.

You didn't need to edit it imo, I've seen a lot more tasteless jokes on here receive less outrage and this thread has only been open for 10 minutes. It's just when the crisis is closer to home people become more easily offended, it's the AH way.

Faith+1

Feel sorry for the employees but it wasn't going to last especially with the economy and torrents.

RossFixxxed

Seems inevitible, but it's a pity. Renting games was a great money saver, especially with the short time it takes to finish many modern games. The staff were awesome too. However, I've heard many people going just to check what to download that night, this was always going to happen.

Steve O

There is a market for rural areas in relation to game and dvd rentals. If I was to invest, I would close down all the stores in Dublin and revamp the service in rural areas were broadband is poor.

summerskin

Steve O wrote: »

There is a market for rural areas in relation to game and dvd rentals. If I was to invest, I would close down all the stores in Dublin and revamp the service in rural areas were broadband is poor.

We use the one in Ennis regularly. Living in a rural area we are lucky if we get 1mb download on our supposed 8mb broadband, so torrents, itunes, netflix etc are useless to us.

Dartz

****.

Now I feel bad for renting DvD's for one night solely to DvDShrink them.

Lithium93_

First HMV goes belly up and now Xtra-Vision... Damn

suicide_circus

i dont see how they are still in business. i havnt been near a video store for the guts of a decade !

Frank Black

suicide_circus wrote: »

i dont see how they are still in business. i havnt been near a video store for the guts of a decade !

I think they've been renting dvd's/selling games to other people as well.

--Kaiser--

The last time I heard of someone going to Xtra Vision it was to get ideas for films to download

Irish_wolf

Good Riddance I say. Do you hear anyone moaning about how there are no more VHS stores? Or not enough stores for buying cassette tapes? No. These shops are now reduced to novelty one of a kinds in major cities.

How long have video streaming sites like youtube and netflix been around?

Xtra-vision was quick to jump on the DVD and blu-ray band wagon and phased out VHS. They should have seen the potential of online movie streaming, even if they didn't get onto it at first they should have been developing something in the last year or so. But nope, nothing. They didn't adapt their business to new technologies and innovations and now they're being left behind.

I feel bad for the people who lost their jobs. But I dont think we should weep at the passing of Xtra-vision.

Thud

summerskin wrote: »

We use the one in Ennis regularly. Living in a rural area we are lucky if we get 1mb download on our supposed 8mb broadband, so torrents, itunes, netflix etc are useless to us.

Wasn't Ennis supposed to be Irelands Information Age Town???

summerskin

Thud wrote: »

Wasn't Ennis supposed to be Irelands Information Age Town???

Yeah, but we're a fair few miles outside it.

super_furry

Think they missed a trick not moving more of their business to games. With HMV and GAME gone in Ireland there definitely a place in the market although maybe the fact that they’re both gone now explains why they didn’t.

Schism

Irish_wolf wrote: »

Good Riddance I say. Do you hear anyone moaning about how there are no more VHS stores? Or not enough stores for buying cassette tapes? No. These shops are now reduced to novelty one of a kinds in major cities.

How long have video streaming sites like youtube and netflix been around?

Xtra-vision was quick to jump on the DVD and blu-ray band wagon and phased out VHS. They should have seen the potential of online movie streaming, even if they didn't get onto it at first they should have been developing something in the last year or so. But nope, nothing. They didn't adapt their business to new technologies and innovations and now they're being left behind.

I feel bad for the people who lost their jobs. But I dont think we should weep at the passing of Xtra-vision.

You could feel sorry for them but no one has lost their job, yet.

Also, I don't think 'Good riddance' is a good way to start a post about a company in dire straits that employs over 1000 people in this country, especially with the overwhelming lack of employment that currently exists.

Hersheys

I'll miss xtravision, mainly for their incredible deals on popcorn/drinks/movie snacks. Can't download them!

john_cappa

Times are a changing.

OT but I went into my local xtravision (I rent at least once a week) and as per usual they have no popcorn left (if they even made it in the first place). Its still two hours till closing time and they are out of the most basic snack. Not only is it basic but their profit margin on it is massive!!!! and its involved in every ****ing one of their meal deals meaning I cant get avail of any of those. Same every second time I go in there.

I swore last night I was giving them no more money. Looks likely if they fold.

Yes i like my popcorn.

IrishExpat

As a former employee, I was sad to hear the news - I still know quite a few people working there.

That said, in business it's adapt or die - and the basic model is dying/dead. You can't compete with online torrents and/or services, unless you offer extra value.

Clandestine

When I noticed they had replaced half the stock with greeting cards at my local store, I knew something was up.

Celly Smunt

They used to be handy for when you needed something late at night when gamestop etc would be closed.

blaze1

Shame, would sooner give them the money for a game than gamestop tbh

mathie

Clandestine wrote: »

When I noticed they had replaced half the stock with greeting cards at my local store, I knew something was up.

Quite the super sleuth.

Ray Palmer

super_furry wrote: »

Think they missed a trick not moving more of their business to games. With HMV and GAME gone in Ireland there definitely a place in the market although maybe the fact that they’re both gone now explains why they didn’t.

It would only give them a little longer as video games are going to go to on-line media as soon as they can.

Xtra vision was bough knowing that the business model wouldn't last. They tried to diversify and are actually one of the biggest electronic retails in the country outside of Dublin. The shops are closer to a newsagent now as is.

Shame to see them go but there simply isn't a market for them anymore in many of the locations they have and they are stuck with some of those leases.

Archeron

Really sorry to hear this, I did still enjoy the occasional rental of films I really wanted to see. Always found all the staff in Xtra Vision to be really cool and friendly too, in all the branches I've used over the years.

Dammit, there is getting to be less and less on the high street that I would bother going into now.

anncoates

Fizman wrote: »

<Tumbleweed>

Moralizing posts about thanks-whoring are now deployed to harvest even more thanks than the original joke?

I can't keep up anymore.

jacksie66

This post has been deleted.

dj jarvis

i suppose some facts are needed

they went into examiner status a year or so back, this enabled them to re negotiate rents on many of their stores downwards , they settled LOTS of debts and as far as i am aware they are virtually debt free , but the future is looking far from rosy - but as operations go , its not a bad prospect for someone to take over due to the little or no debt situation.

Its also has MANY stores that are busy and profitable so i would not right off xtravision just yet - it will be downsized , the less profitable shops will be ditched , and on it will chug

remember - not all towns and villages have broad band sufficient for netflix , or for gaming Steam - there is a market for them - small , but apparently profitable

Boom__Boom

dj jarvis wrote: »

they went into examiner status a year or so back, this enabled them to re negotiate rents on many of their stores downwards , they settled LOTS of debts and as far as i am aware they are virtually debt free , but the future is looking far from rosy - but as operations go , its not a bad prospect for someone to take over due to the little or no debt situation.

Its also has MANY stores that are busy and profitable so i would not right off xtravision just yet - it will be downsized , the less profitable shops will be ditched , and on it will chug

remember - not all towns and villages have broad band sufficient for netflix , or for gaming Steam - there is a market for them - small , but apparently profitable

The thing is that internet speeds are only going to go one way even in the most isolated rural areas.

Given that the business model has taken a kicking in the areas with decent broadband speeds, its very hard to see a long-term future to the operation.

Sully

It would be a shame to see it go. I find it a bit of a pain to download and burn a DVD to watch on TV, so popping into Xtra Vision was always handy for a DVD. The problem is the late fees were off putting (for me) and the lack of 'value' (though improving) in renting DVDs in terms of deals.

Bipolar Joe

I realised last week, there's nowhere in Limerick City to buy a decent new DVD. I still prefer a hard copy to downloaded or streamed stuff, and it was a weird realisation. Kind of sucks. A friend who works in Xtravision will probably be losing his job. I do buy a lot from Amazon, because most of the crap I watch can't be bought in a store over here since most of the World Film sections disappeared and barely anyone watches schlock.

I hope Xtravision doesn't go altogether, and another store pops up. It's nice just browsing and finding a gem you never knew you wanted to see until then.

Clandestine

Sully wrote: »

It would be a shame to see it go. I find it a bit of a pain to download and burn a DVD to watch on TV,

You should get netflix (unless your internet connection is poor)

cson

There was always a bit of a ritual going to get a video/dvd as a young lad. Twas a fairly big thing in our house at a weekend getting a couple of rentals and a takeaway. Fond memories.

I'll be sad to see it go, but that's life I guess.

phasers

My local Xtra Vision is always full in the evenings, I went to use their printer once and was completely shocked. People were mostly renting and buying sweets.

It was something like €4 to rent a film for one night :eek:

meep

phasers wrote: »

People were mostly renting and buying sweets.

I wonder what system they used to keep the rental sweets sanitized? Some of those DVDs could get very worn after multiple uses and I don't think sweets would be all that durable.

phasers

meep wrote: »

I wonder what system they used to keep the rental sweets sanitized? Some of those DVDs could get very worn after multiple uses and I don't think sweets would be all that durable.

I think they have the same kind of thing barbers put their combs into

DebDynamite

Archeron wrote: »

Always found all the staff in Xtra Vision to be really cool and friendly too, in all the branches I've used over the years.

Aw, I used to work in Xtra-Vision when I was in college. I'll take your compliment

Ilyana 2.0

I'm hoping that the receiver can negotiate a sale for Xtravision and that most of their employees aren't left jobless. I'd imagine that the company needs a lot of reshaping and that there's a lot of work to be done with it, but it's not written off yet.

The Barefoot Pizza Thief

As if the employees of Xtra-vision have not got enough problems.

This country has gone to the dogs.

Sure how the fcuk can some dope smokers do it any good??

scudzilla

Thank fcuk for that

I've been going into Extravision for the past 6 months and hiring out 2 top movies and 2 top PS3 games every 3 nights.

I've been waiting for the day they go bust so i can keep them and have a couple of free movies and games :D:D

Twoandahalfmen

http://www.rte.ie/news/business/2013/0429/387458-xtra-vision-receiver/

Now I Know it wasn't as big as hmv but its still another blow to us consumers who buy games who's left GameStop? There will be serious gap in the market if they close GameStop can charge what they want with know competitors .