All Xtra-Vision stores are closing with immediate effect.
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It comes after a liquidator was appointed by the High Court.
Over 500 jobs are likely to be lost as a result of the move.
The company's owners, UK-based Hilco Capital, petitioned the court for the appointment of Michael McAteer of Grant Thornton Ireland as the provisional liquidator of Xtra-Vision Entertainment Ltd.
The company currently operates about 80 stores in the Republic and Northern Ireland.
Mr Justice Paul Gilligan was told the rental stores were insolvent and unable to pay their debts.
