Blockbuster sells Xtra-vision

Dallas Blockbuster said Friday that it sold Irish entertainment retailer Xtra-vision to Ireland's Birchhall Investments for up to $45 million in cash.

The retailer, which bought Xtra-vision in 1997, said it plans to use most of the proceeds to boost its liquidity.

"Today's announcement furthers our goal of improving liquidity and underscores our intent to advance the sale and licensing of our international assets as we focus on the continued transformation of our North American business," chairman and CEO Jim Keyes said in a statement.

Xtra-vision has 186 stores in the Republic of Ireland and Northern Ireland, offering movies and games for rental or purchase, music, consumer electronics and mobile phones.

Birchhall Investments is owned by NCB Ventures and by clients of the securities firm NCB Group.