• March 4, 2009

The Associated Press reports that the last six remaining Virgin Megastores in the U.S. will be closed by this summer, as music sales continue to struggle.

"The real estate firms that own the U.S. chain determined they could command higher rent from new tenants," it says, adding that "six remaining stores took in about $170 million in revenue a year, down from the $230 million from 23 stores at its peak in 2002.

"The recent decision to close the Times Square location in New York made supporting the rest of the chain untenable."--Sarah Mahoney