Despite an annual profit of $6 million, the Times Square Virgin Megastore will close in April. It seems that Related and Vornado, the real estate companies that own the stores, could turn a greater profit by leasing the space to Forever 21 (Virgin pays $54 per square foot in rent while the market value for the area is $700 per square foot). No decision has yet been made over the chain's five remaining stores.
Source: Billboard.Biz
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