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Business News Retail
Another US Megastore goes
By CMU Editorial | Published on Friday 27 February 2009
Two more Virgin Megastores are to go in the US. As previously reported, Virgin offloaded its US record stores to Related Cos in 2007.
While the shops continued to operate as Virgin Megastores (unlike in the UK, of course, where the store’s new owners changed their names to Zavvi before jumping into liquidation), it’s been widely known Related Cos saw the value of the chain it its property rather than its operations, and has been planning to close down the shops and lease out its outlets to other retailers.
As a result the flagship Megastore in New York’s Time Square is in the process of closing down. Now it’s been confirmed the other New York Megastore, on Union Square, plus the Market Street store in San Francisco will now close by the end of May. That leaves three Megastores in the US.
