All Remaining US Virgin Megastores to Close
It’s officially official: the last six U.S. Virgin Megastores are going to close.
Though the stores have been making a profit, they will close so that real estate agents will be able to profit from raising rents on the properties. All of these locations are worth higher rents than what the stores are currently paying. These locations include the stores in Union Square and Times Square in New York City.
All six locations should be closed by June, including stores in Los Angeles and San Francisco, California; Orlando, Florida, and Denver, Colorado. Due to the store closings, more than 1,000 staff members will be laid off, according to Variety.
In 1992, the first Virgin Megastore was opened to the public in Hollywood. This location closed last year. Obviously sales have been on the decline at these stores since the rise of online music stores (or really mostly one – iTunes).
As much as I am not a fan of chains and big business in general, it is still a bit hard to imagine Union Square without its Virgin Megastore.
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