The End Of An Era: Virgin Megastore In Times Square To Be Replaced By Forever 21!

NEW YORK (Top40 Charts) - The Virgin Megastores announced today that they will close their famous Times Square location. The impending store closure will officially happen in April, and business will remain the same through at least the end of January.
Virgin Megastore is the highest volume music store in the U.S. at over $55 million.

It is believed that Virgin was paying a rent far below the market average for the Times Square store, which is currently the biggest music store in the States.
Following the store�s closing in April, the space will be leased to Forevery 21, a women's clothing store. After April, Virgin will have five outlets, including its Union Square store in Manhattan.
Virgin also maintains a Los Angeles presence with its Hollywood outpost. However, Vornado and Related have likewise been hunting for new tenants at the Union Square location.

This marks the end of an era for the music chain as they try to grip with tough economic times and a mercurial industry.
Record shops of all kinds have been hard hit worldwide by declining sales of CDs and the rise of digital downloads.