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Weak trading in the run-up to Christmas, when sales collapsed by a quarter compared to December 2014, spurred the decision yesterday by Hilco Capitalto place Xtra-vision into provisional liquidation with the loss of 580 jobs.The Xtra-vision brand is likely to survive via an online business, however, while its DVD vending machine business is also set to continue.
Hilco’s HMV music store chain may also seek to buy back a small number of the 83 Xtra-vision stores and reopen them under separate ownership.
Hilco told the High Court yesterday that December usually accounts for 25 per cent of revenue at the movie rental and sales chain, but trading last month “seriously underperformed” and was 30 per cent behind budget..... Read More