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Related Cos. Gets N. America Virgin Megastores

NEW YORK CITY-The locally based owner will acquire 11 stores nationally with a total 400,000 sf of retail space in a sale expected to close in September.

By Natalie Dolce | Updated on August 20, 2007

NEW YORK CITY-Locally based Related Cos. acquired Virgin Megastores North America, which currently operates 11 stores nationally with a total 400,000 sf of retail space. The sale is expected to close in September. A spokesperson for Related Cos. tells GlobeSt.com that they are not commenting on the price at this time.

The spokesperson did tell GlobeSt.com that the stores are located in Phoenix; Anaheim, CA; Hollywood; Los Angeles; Ontario, CA; San Francisco; Denver; Orlando; Grapevine, TX; and two stores in New York City in the Times Square and Union Square areas. “The acquisition of Virgin Megastores North America is a tremendous opportunity for Related to provide strategic value and exemplifies Related’s investment strategy,” notes Related Cos. president Jeff T. Blau.

Blau adds that “Virgin Megastores is a well-managed premier retail brand of top-tier entertainment lifestyle stores. Their evidenced commitment to progressive business strategies and service makes them an ideal partner. We look forward to leveraging the resources and synergies between our two great brands.”

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