Virgin Megastores in U.S.: Lights Out This Summer

By Ryan Nakashima

LOS ANGELES -- After nearly two decades of rocking the music world with a mix of brash stunts and splashy CD releases, the remaining six Virgin Megastores in the United States will shut their doors this summer in another blow to recorded music.

The hipster shops received their branding from billionaire founder Sir Richard Branson and remained profitable, but the real estate firms that own the U.S. chain determined they could command higher rent from new tenants.

"I've been pushing back a little bit on the notion that this is just another casualty of the music industry," said Simon Wright, the chief executive of Virgin Entertainment Group Inc. ...