The famous Virgin Megastore in Times Square, New York is to close, according to Billboard.com.
The first port of call to many music fans visiting the city, the mammoth music shop will shut its doors in a few months. The reason behind the closure is said to be profitability relating to rent; the company was bought by two real estate groups in 2007, and they believe that moving another tenant who will pay a higher rent (the megastore is believed to be paying $54 per sq. foot, while similar retailers in the area pay up to $700 per sq. foot) is the way forward.
Even though the store itself is profitable to the tune of $6 million per year, it will close in April - leaving the Union Square branch as New York's flagship Virgin Megastore.