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All U.S. Virgin Megastores to Close

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New York City Struggling under the weight of declining music sales and a sinking economy, the remaining six Virgin Megastores in the United States will shut their doors this summer, the Associated Press reported.

The chain, which received its edgy, hipster branding from founder Richard Branson, fought the transition to digital downloading by broadening its offerings to include apparel, books and consumer electronics.

A joint venture of Related Cos. and Vornado Realty Trust bought the U.S. chain, which had 23 stores at its peak, in 2007. While the stores remain profitable, the owners reportedly determined they could command higher rents from new tenants.

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