Insiders have revealed that Virgin Megastore will be closing all its locations by this summer. Timely Demise covered three of the six closings last week; specific plans for the other three, in Denver, Hollywood and Orlando, have not been revealed. Billboard.biz reports parent company Virgin Entertainment Group North America will be liquidating in conjunction with the closings.
Even with six stores, Virgin Megastore was among the last and best-known national music chains. All coverage of this news notes what TD spotted last week: that Virgin Megastore's real estate ownership is going to profit more handsomely from increased rent--even in a down market--than it has as a music retailer.
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