From the NY Times:
The latest record store to close in New York is a big one: the Virgin Megastore in Union Square. Following its announcement last month that the Times Square Megastore would close down in April, Virgin Entertainment Group North America will shut down the Union Square shop in late May or early June, a spokeswoman said, confirming a report in Billboard. Virgin will also close its Market Street store in San Francisco in April. The New York closures will leave Manhattan without a large-scale record store. Thousands of music retailers have shut down in recent years as CD sales have plunged, and Virgin has been closing most of its locations around the country since it was bought by the real estate companies Vornado and Related in 2007, but its high-traffic New York stores were said to be profitable.