Remaining six stores will be shuttered by June
The remaining six Virgin Megastores in the US are set to close, it has been announced.
Despite the fact that the stores have been making a profit, they will close because their locations are worth higher rents. They are owned by real estate firms who intend to profit from new tenants at the six locations, which include Times Square and Union Square in New York City.
All of the stores will be closed by June, including locations in Los Angeles and San Francisco in California, Orlando, FL, and Denver, CO. Over 1,000 staff will be laid off, reports Variety.
The first Virgin Megastore in the US opened in Hollywood in 1992 and closed last year. Sales at the stores have declined in recent years due to online music sales, mostly via iTunes.
–By our New York staff.