The Virgin Megastores chain in France is set to declare insolvency next week following four years of losses due to growing competition from online music retailers and download sites. A Virgin spokeswoman said the company will unveil a plan to file for payments suspension at a meeting with staff representatives on Monday. The spokeswoman said high rental costs in high-profile locations in city centres and falling CD and DVD sales amid competition from rising film and music downloads, as well as a recent drop in book sales, were mostly to blame for the group's financial problems.
Similarly, Virgin Entertainment Group, Japan, will be launching a Web site later this year that will be powered by Amazon. Launching today, Virginmega. Similarly, the Japan Web site will offer a vast selection of music, videos, DVDs, software, video games and books available at Amazon.
Shocair was speaking on the sidelines of the Retail Insights forum, organised by the London Business School, on Wednesday. Virgin Megastore Middle East, which sells everything from music and films to consumer electronics and books, has 14 stores in the region. Of those, eight are in the UAE.
Virgin Megastores is an international entertainment retailing chain, founded in early by Sir Richard Branson as a record shop on London 's Oxford Street. Bycurrent operations are exclusively in the Middle East and in North Africa, consisting of approximately 40 stores. Richard Branson and Nik Powell had initially run a small record shop called Virgin Records and Tapes on Notting Hill GateLondonspecialising particularly in " krautrock " imports, and offering bean bags and free vegetarian food for the benefit of customers listening to the music on offer.
Our Brands. Virgin Megastore has diversified and evolved into an entertainment lifestyle destination across the MENA region, and is today the leading entertainment retail destination for the whole family. Virgin Megastore offers its customers a wide range of entertainment and media products ranging from movies, music and books to electronics and accessories, gaming, gift items, toys and gadgets, fashion, and services to complement the products.
Another one bites the dust. The chain -- which Related Cos. It has also been downsizing, closing stores in Chicago and Salt Lake City this summer.
Virgin Megastore is an overall preoccupation brand, and the principle lifestyle retail objective in Middle East and North Africa district, with 41 stores in 9 markets. Since it stepped into the UAE market by A one-stop scan for all preoccupation needs, covering social entertainment things, for instance, music, movies, and books, similarly as other thing groupings including equipment and decoration, gaming, style and embellishments, gifts and toys, and altogether more.
The news that Virgin Megastores in the U. They had ceased being a major music player for a long time, say sources. One can hardly find a better symbol of the music industry's crossover from physical CDs to digital downloads than the intersection of San Francisco's Stockton and Market streets.