Another chain bites the dust. The Virgin Entertainment Group has announced that it will be shutting down all six of its remaining Virgin Megastores. Instead of simply packing up, it seems that Virgin will be moving its Megastore assets into real estate, renting out the sites of its stores to other companies.
Anyone who has been near Times Square in the last few weeks have probably noticed the Virgin Megastore's increasingly numerous clearance sale signs. Virgin plans to have the Times Square store closed by mid-April, and the Union Square store closed shortly after. Both stores are indeed in prime real estate locations, overlooking two of Manhattan's largest magnets for foot traffic.
The four remaining stores, located in Hollywood, San Francisco, Orlando, and Denver, will close by the summer. At its peak in 2002, Virgin Entertainment ran almost two dozen Virgin Megastores across the country.
— Will Greenwald