Leave it to Billboard to be the bearer of MORE bad news…
The planned closures of the Virgin Megastores in Times Square and Union Square in New York City and the Market Street store in San Francisco are the beginning of the final wind-down of the Virgin Entertainment Group North America. Over the next few months, the company also plans to shutter its other three stores in Orlando, Fla., Denver and Los Angeles, with the company expected to be liquidated sometime this summer.
I’m feeling like Cousin Oliver at the moment, but it was just a matter of time. Turns out that there was a little more effort to save the chain than folks might be giving them credit for…
But the company was also working on improving its concept for a smaller space. With CD sales sliding, “I tried my hardest to come up with a new model, and we were making a lot of headway with it before the holidays,” says (CEO Simon) Wright. But, the “economy is so bad; it’s all about batten down the hatches.”
I think I’m going to be spending a LOT of time in that store once the discounts get to 40% or so. This also creates another rough situation for Denver, as that’s a huge space to fill down on the 16th Street Mall. I wonder if Virgin has a tenant lined up for this space like they did in Times Square? Only time will tell…
Someone console me, please.
For a brief glimmer, I thought my store in Union Square would be the only one in NYC and that would be cool and mod and it didn’t hurt so bad that the Times Square one was closing…
Thanks for the jinx, fool! 😛
oh no! I was already heartbroken that the one in vegas had become an overpriced pretentious clothing shop. I had to have double portions at the cheesecake factory next door to console myself 😦 BTW the discounts ARE amazing in the final days so get thee down there
That’s some crazy nostradamus shit on your part!
So sad. What’s filling the Times Square space?
This is so sad! A landmark gone. It really shocks me to hear kids on the subway go, “CDs? Eww! I don’t listen to CDs!” .. what has become of the world?? 😦
Mel, you can always have my shoulder if you need it.
Yuri, you’re welcome.
Paul, Cheesecake Factory is always good for what ails ya.
Mike, it’s a gift.
ww, a Forever 21. All of these stores apparently already have higher paying tenants lined up.
Will-W., they probably wouldn’t even know what a cassette tape is.