The depressing entertainment industry news is that up to 580 full and part-time jobs are likely to be shed as a result of Xtra-vision Ireland Ltd. going into provisional liquidation.
The High Court was told this morning that the company's 80-plus Irish stores, which are owned by the UK-based Hilco Capital, had been hit by declining DVD movie rentals and poor Christmas sales.
Mr Justice Paul Gilligan was told that the company is insolvent and unable to meet its financial obligations.
Hilco took-over the Xtra-vision chain in June 2013 after it had previously run into financial difficulties. Having also rescued HMV Ireland from the administrators a few months earlier, they put 26 'dual branded' HMV concessions into Xtra-vision outlets around the country.
Indeed, the company have moved to advise customers that all Xtra-Vision gift vouchers will now be honoured by HMV, which is entirely unaffected by the liquidation.