Virgin Megastores is set to close its Times Square flagship and two other locations this spring, and is 'very likely' to close its remaining stores by the summer, chief executive Simon Wright has said.

The chain, which has six North American locations, down from a peak of 23, remains profitable, Wright said. But Virgin's owners, Vornado Realty Trust and Related Cos., decided they could make more money by selling the lease on the Times Square location than by running the store.

Wall Street Journal