Closing of U.S. Virgin Megastores by June 2009

The biggest music retailer from U.K. will be closing their U.S. Virgin Megastores by mid of June this year (2009). Chain-store exclusive releases and digital cannibalization were to blame for the closing down of their U.S. Retails. There were 23 U.S. Virgin Megastores but, not all of them are profitable, according to estimates there were only 12 that are profitable, the biggest of them is located at Times Square, New York.