R.I.P. VIRGIN MEGASTORE
It has just been announced that the remaining Virgin Megastores in the US will all be closed before summer.
AP REPORTS:
After nearly two decades of rocking the music world with a mix of brash stunts and splashy CD releases, the remaining six Virgin Megastores in the United States will shut their doors this summer in another blow to recorded music.
The hipster shops received their branding from billionaire founder Sir Richard Branson and remained profitable, but the real estate firms that own the U.S. chain determined they could command higher rent from new tenants.
“I’ve been pushing back a little bit on the notion that this is just another casualty of the music industry,” said Simon Wright, the chief executive of Virgin Entertainment Group Inc.
A slowing economy took its toll. To buck declining music sales, the chain broadened its offerings in the last few years to apparel, books and electronics. The six remaining stores took in about $170 million in revenue a year, down from the $230 million from 23 stores at its peak in 2002.
The lack of expansion plans and a recent decision to close the Times Square location in New York, which had been on track to make $56 million last year until the financial collapse began in September, made supporting the rest of the chain untenable, Wright said.
“Our six best stores from a retail point of view are also our six best stores from a real estate point of view,” Wright said.
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March 4th, 2009 at 08:46
AAwww…virgin was my favorite place to get Harajuku lovers clothing and fluffy cartoon slippers. muahahahha
March 4th, 2009 at 12:38
First circuit city now virgin only best buy left in my area for cd’s.
March 4th, 2009 at 13:25
the world is changeing
if you want a cd buy that shit online from your iphone
March 15th, 2009 at 23:13
[...] teddyrevolution presents: “Shave That Bush”-A countdown to the President’s last date joe liberman (new name turncoat joe) Jacky’s barge pole lassie of the month!! sorry Racists, Your headman is a black Man- change!!! A true coal black german american position computer simulation Is that a white dapperness dossel by that noose?? vinnies main street vixens: From k market town with benevolence R.I.P. virgin megastore [...]