It's official, Virgin Megastores nationwide will cease to exist come this June. Billboard notes that while the store failed in its Times Square space, it may have stayed afloat in a smaller storefront in the area. Moving in to the Times Square address next is retailer Forever 21, a much less controversial announcement than the recent rumors of a Wal-Mart moving into the Union Square space, an idea that caused an uproar amongst some locals. However, the pro-Big Box set credit the big name Megastore for revitalizing the Union Square area, "which 10 years ago was filled with bargain stores and pot dealers." One of the head honchos at Virgin Entertainment asks, "What will happen there now with both us and Circuit City leaving at the same time?" Reverend Billy probably has some ideas.