All Virgin Megastores to close in North America

Chief Executive Simon Wright confirmed the closure of Virgin Megastores in New York’s Times Square and Union Square, as well as San Francisco, for this April. Wright also said it was "very likely" their stores in Hollywood, Denver and Orlando would close this summer.

"Once you take Times Square out we’re not profitable," Mr. Wright said. Vornado Realty Trust and Related Cos., the owners of Virgin, decided selling the location would be more profitable than keeping the store.

About 1,000 employees will lose their jobs after all the closings.

Further information can be found from The Wall Street Journal and TheWrap.com.