Buh-bye: Virgin Megastore to Close in January
Record shops and CD purveyors are going the way of the 8-track. Joining the now-defunct ranks of Aron's Records, Rhino Records and Tower on Sunset is the Virgin Megastore. The rent's too high (tell us something we don't know!) And maybe, the sluggish music sales don't help much, either.
According to a Los Angeles Times story today:
Another one bites the dust. The Virgin Megastore on Sunset Boulevard in West Hollywood, just down the street from the shuttered Tower Records, will close when its lease is up in January.
The rent is simply too high, Simon Wright, chief executive of Virgin Megastores North America, said Wednesday.
"We're trying to reposition the business," Wright said, "and a lot of our stores are too big for the future, primarily due to the drop in music sales."
The chain — which Related Cos., a New York-based real estate company, purchased in September for an undisclosed amount from Virgin Entertainment Group — has been turning its focus away from CDs and stocking more clothing, games, pop-culture knickknacks and books.