Xtra-vision
From Wikipedia, the free encyclopedia
(Redirected from Xtravision)
|
|
| Founded | 1979 |
|---|---|
| Headquarters | Dublin Republic of Ireland |
| Industry | Home Entertainment |
| Products | Retailing and renting ofVHS Tapes DVD, Blu-ray, and Video Games |
| Website | [1] |
Xtra-vision is Ireland's largest chain of video rental stores, founded in 1979. It was previously operated by US company Blockbuster.As of August 2009 it is operated by Irish investment group Birchhall Investments[1]. They operate over 200 [2] stores across both the Republic of Ireland and Northern Ireland. The company has a workforce of almost 1600 employees. The company offers DVD, Blu-Ray disc movies and games for both rent and sale. The company has offices in Dublin and Belfast.
[edit] History
- Previously owned by a consortium, Xtravision stores were later sold off to US video store operater Blockbuster since 1996, the chain never rebranded, citing market research that the Xtra-vision name was better known and more respected than Blockbuster. Even in Northern Ireland the Blockbuster name was not used as it is in the rest of the UK. However, the few Xtra-vision stores outside of Ireland - those in Manchester, London and New Hampshire were rebranded to Blockbuster after the takeover.
- The company was involved in what was once Ireland's largest corporate bankruptcy, with massive expansion of their retail network causing a massive increase in their stock price on the Irish Stock Exchange. The company's value reached IR£27 million, but the low turnovers in the video rental market meant that there was no cash to continue their huge expansion-- up to 10 new stores a week-- and the company went bankrupt with its shares valued at 1/8th of a penny on its sale to Cambridge Investments, who in turn went bankrupt and the business was sold for IR£12m to a consortium of Montague Private Equity, 3i, and the partners behind NCV (a local wholesaler of videos, etc..). Less than 2 years later the consortium sold out to Blockbuster. The failure of the group, in both guises, was notable enough to be mentioned in Dáil debates [3] in 1994.
- The company has an exclusive deal meaning that any movie with funding from the Irish Film Board will initially be provided for rental and sale solely through their network of stores.
- As of August 2009 Blockbuster has sold off its Irish operations to Birchhall Investments.
