Virgin Confirms Closing

by Calvin Reid -- Publishers Weekly, 8/26/2008 2:22:00 PM

Following our report yesterday about the closing of Virgin Comics's New York office, Virgin Comics CEO Sharad Devarajan, confirmed the closing. Devarajan said that the company is “restructuring” and will relocate to new and as yet unspecified offices in Los Angeles. Devarajan said that the company would release more information “in the next few weeks” and added, “the decision to scale down the New York operations and concentrate on core activities is due to the current macro-economic downturn.” Virgin Comics was the high-profile 2006 international joint venture between Sir Richard Branson’s Virgin Group and the India-based comics publisher Gotham Entertainment.