Forever 21 In…Virgin Megastores Out
Submitted by admin on Sunday, 18 January 2009No Comment
The age of super-sized record shops in Manhattan is fading out: The Virgin Megastore in Times Square is closing and will be replaced by a popular clothing chain.
The massive store on Broadway near 46th Street is expected to close in April. The store’s 200 or so employees were told this week about its demise. That leaves only one other Virgin store on the island in Union Square.
Virgin Entertainment Group Chief Executive Simon Wright tells the New York Times in Thursday editions that the store remained “very, very profitable,” in spite of the growing popularity of downloaded music over the Internet.
But the two companies that own the chain decided that they could make more money if they leased the space to clothing retailer Forever 21.
