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Virgin Megastore Closing L.A Store, New York Next In Line

WEST HOLLYWOOD (CelebrityAccess MediaWire) – Variety is reporting that The Virgin Megastore in West Hollywood will be closing early next year and it’s highly likely the New York outlet will follow.

Rent increases are being given as the main reason the stores are closing, but with CD sales in the tank it’s pretty obvious that selling CD’s is a business that’s not long for this world. The L.A. store is likely to shutter at the end of January; New York's Union Square Megastore will follow a year later.

Variety also reported that the Union Square space, at ground level in a mixed-use residential tower, is being offered for Feb. 1, 2009 occupancy.

After the two outlets close, Virgin Megastores will still be operating in Hollywood and Times Square.