Virgin Megastores likely to shut all U.S. stores, cut 1,000 jobs

[marmar]

Virgin Megastores likely to shut N. America business: WSJ
By Michael Kitchen

NEW YORK (MarketWatch) -- Entertainment retail chain Virgin Megastores is "very likely" to close all of its North American stores by the summer, according to a Wall Street Journal interview with Chief Executive Simon Wright. Wright said the chain, owned by Vornado Realty Trust since 2007, will certainly close its iconic Times Square flagship store and two other locations this spring. Virgin Megastores, which are not related to the Virgin Records label, currently has around 1,000 employees, all of whom are likely to be let go, the report quoted Wright as saying. He said the ongoing decline in recorded-music sales was a factor, but not a central one, in the decision to close down, according to the report.


http://www.marketwatch.com/news/story/Virgin-Megastores-likely-shut-N/story.aspx?guid=%7B371C612F%2D8808%2D4CE8%2D9222%2D28927956DA18%7D

[xchrom]

1. it just doesn't stop does it? nt

[Canuckistanian]

2. I just had a confused moment with the term "Virgin Megastore"

It's all right now. I'm now in complete control of my facilities.

[marmar]

3. If they sold what you were probably thinking, they might be able to stay in business....

:evilgrin:

[donheld]

14. That's why they have to close

Too few virgins left to sell. :OMG: :wtf: :spank: :hi:

[Skink]

4. The stores were beautiful too.

from someone that works in the industry these guys ran a tight ship.Freakin downloads.

[marmar]

5. And unlike Tower, they actually had decent sales from time to time......

...... especially toward the end.

[anigbrowl]

6. They should reopen in Afghanistan and the Middle East

I'm sure they'd do huge business with a certain kind of customer.

Seriously, it's too bad - the one in San Francisco is closing too, which is a prime chunk of real estate. I'm trying to figure out an angle to take advantage of an impending glut of prime retail space.

[YDogg]

7. You had me at "Virgin"

[Shakespeare]

8. I just got an email today that they're discontinuing the Virgin VIP program.

It's a rewards/customer loyalty card. I gathered that wasn't a good sign when I read it. The one down the street from me (on Hollywood Blvd. next to the Chinese Theatre) is still open, but they closed the one in WeHo on Sunset about a year ago. Sad times.

[ChazII]

12. Ours here in the Phoenix area

closed the second week in January. :(

[TheCowsCameHome]

9. You just can't buy a virgin anymore................

I knew the day would come.

[Double T]

10. I didn't know they sold virgins in megastores.

Must be some middle eastern company that forgot to advertise.

[rpannier]

11. There are megastores with Virgins in America???

Why didn't somebody tell me???

[TankLV]

13. Well, what did you expect - there are few virgins left anywhere, let alone to fill a store

after bush* and the repukes have fucked the whole country for the past eight years...