Virgin Megastore Layoffs Job Cut: fires 1000 employees, closes 6 US stores: Finance Trading Times

Virgin Megastore Layoffs Job Cut: fires 1000 employees, closes 6 US stores

The news is not good for the employees of Virgin Megastore. The company is going for layoffs in US as it closes six of the stores nationwide. The recession is taking a toll on all sectors and even the media companies are feeling the heat. The latest additon to the list of organization which may go for layoffs is the Virgin Megastore. It has been 2 decades since Virgin Megastores have been entertaining people. Virgin Megastore Layoffs

How many employees may be fired in the Virgin Megastore layoffs?
There could be around 1000 layoffs by the Virgin Megastore as the company goes for nationwide closure of stores.

What is the total no. of employees of Virgin Megastore?
Total No. of employees of Virgin Megastore is around 1000 as of now. 60 employees at the corporate level will be laid off.

Which locations will be affected by the Virgin Megastore layoffs?
The stores at San Francisco, Denver, Orlando, Hollywood and two stores in New York (including one at Times Square) will be closed, costing as many as 1000 jobs.

When will the Virgin Megastore layoffs happen?
THough there are no confirm dates about when the layoffs will be made, the layoffs if they happen, are learnt to be done as soon as possible.

How much savings can be made by the company from the layoffs?
No details available about that.

What is the primary reasons for Virgin Megastore layoffs?
Major reason is that the company believes it can earn higher profits if the space for the stores is rented out, instead of running the music stores. Though the company remains profitable, its just that the rental amount appears to be more profitable. Other reason is the foresight for future. Majority of the users are now downloading the music from the net, so that leaves less no. of people to actually buy it from a retail store on the street.

Any other news about Virgin Megastore layoffs
As per BizJournal, The chain, which was originally affiliated with billionaire Sir Richard Branson, opened its first store in the United States on Sunset Boulevard in West Hollywood in 1992. The roughly 150 Virgin Megastores overseas will remain open. They are licensed to local owners.
Let's hope that alternative jobs are available to the affected employees of Virgin Megastore Layoffs Job Cut
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