Trans World Plans to Close Up To 68 FYE Stores By End of Fiscal Year
Trans World Entertainment plans to close up to 68 FYE stores by the end of its current fiscal year, Feb. 2, it said in an SEC filing.
It had already had closed 33 stores by Nov. 1, but seeks to shutter another 35 by February, a move that requires the approval of its lender, Wells Fargo, the retailer said. The loan agreement limits Trans World to closing 35 stores annually; it’s in default if it exceeds that number without Wells Fargo approval.
Trans World had 260 stores as of Feb. 3, 2018, including 231 mall-based and 23 free-standing FYE locations and six Suncoast Motion Picture Co. video-only stores. The FYE stores have expanded the selection of collectibles in recent years as it pulled back on music and video. It also operates the etailz online marketplace and secondspin.com, which sells CDs, DVDs, Blu-ray and videogames.
Trans World Entertainment, Edward Sapienza, CFO, 518-452-1242