Ireland's leading entertainment rental and retail chain Xtra-vision is back from the brink with new funding.
The retailer's parent firm Birchall Investments has agreed to provide up to €8m to open new stores, relocate others and fund digital initiatives.
Xtra-vision was under examinership between April 29th and July 29th – a process similar to administration that focuses on the survival of a business rather than recovering debts. Since then, it has closed 24 loss-making stores and negotiated with landlords to lower rent for existing ones.
Its store count in Ireland now stands at 165. The retailer also has a presence in the UK in the form of www.xtravision.co.uk. Two thirds of its turnover comes from retail sales and one third from rentals.
Xtra-vision plans to grow its digital business and online services with its electronic POS system. It is also working on a mobile gaming offering and an online click-and-collect service similar to Argos.
Xtra-vision as a brand in Ireland is among the biggest household names and boasts a level of awareness higher than that of Tesco or HMV,” commercial director John Dennehy told MCV.
The additional investment and cost reduction measures mean that we will continue our extensive capital expenditure programme that has been underway since late 2009.”