NEW YORK - In the end it wasn't IPods , Netflix, or the internet, but a clothing store, that has forced one of the most famous music shops in the country to close for good.
The Virgin Megastore will be replaced by Forever 21, a fashionable yet budget friendly women's clothing store. The legendary music store's 200 employees were told it will be closing its' doors in April.
Virgin Entertainment Group Chief Executive Simon Wright told the New York Times that the store remained "very, very profitable," in spite of the growing popularity of downloaded music over the Internet.
The Virgin chain, originally owned by Sir Richard Branson, was sold to the Related Companies and Vornado Realty Trust in 2007. The two companies decided they could make more money if they leased the space.
With the closing of the Times Square store, only one Virgin Records is left on Manhattan in Union Square.Copyright © 2014, Los Angeles Times