Related To Buy 11 North American Virgin Megastores
Related Companies, a real estate development firm, announced that it will buy 11 Virgin Megastores music stores in North America from Virgin Entertainment Group. The terms of the deal were not disclosed.
Why Related would be interested in Virgin’s megastores is a mystery. The mega-concern has over $16 billion of real estate assets, with an additional $10 billion currently in development. The company’s other businesses include the Equinox health clubs and Kerzner International resorts. “With most of our global retail operations now franchised, Virgin Group will continue to focus on being a global leader in transportation and renewable energy, with interests in financial services, communications and media, health and leisure,” Virgin Group Founder and Chairman Richard Branson stated. Translation: “I’m elated to be out of the music retail business.”