From the March issue: For those who might have expected the Related Companies to build on its major stake in music retailer Virgin Megastores, the new owner now seems to be singing a different tune: edging the retailer out the door. The Related Companies, which bought its majority stake last year, has put the music retailer’s huge 57,000-square-foot Union Square space on the market. The fate of Virgin Megastores, which has 11 U.S. locations that sell CDs, books and T-shirts, is as murky as Related’s plans are unclear. Business at music retailers has been declining over the last few years as CDs have been steadily losing sales to digital music.
Following Related buy, cue violins for Virgin Megastore
March 28, 2008 05:05PM
By C.J. Hughes
