Just when we thought that we were done with liquidations for awhile — Virgin decided to close and liquidate all their US stores.
Oddly, the AP story suggests that the company thinks they can get more rent from new tenants. Really? That’s one we haven’t heard lately.
The joint venture of Related Companies and Vornado Realty Trust bought the U.S. chain in 2007, and with sales slowing, the companies figured they can make more money by simply turning the properties over to new tenants, who will likely pay much higher rents than the level locked in for many of the stores in multiyear leases.
Has the time come for a Times Square Walmart?