Trans World Backs Out of Historic Tower Locations21 Dec, 2006 By: Erik Gruenwedel
Trans World Entertainment Corp., whose F.Y.E. entertainment retail stores were slated to open in February at Tower Records' two original locations in Sacramento, Calif., has backed out of the deal.
The venerable Tower music retail chain in August filed bankruptcy for the second and final time.
Albany, N.Y.-based Trans World in October narrowly lost out to liquidator Great American Group's winning $134.4 million bid for Tower's assets.
Trans World was apparently uncomfortable with leases put forth by landlords at the Broadway and Watt Avenue sites, according to CFO John Sullivan.
“It just didn't work out,” said Sullivan, who declined to elaborate further.
The Broadway store, located across the street from the old Tower Theatre building, closed its doors on Dec. 20; with the chain's first stand alone location on Watt closing Dec. 21.
Another 15 Tower locations are slated to close their doors Friday.
Sullivan said the decision does not affect plans to open F.Y.E. stores at former Tower locations in Nashville, Tenn., Philadelphia and Torrance, Calif., which are scheduled to open in February.
Trans World operates three Suncoast video stores in Sacramento, in addition to one mall-based F.Y.E.
Trans World will discuss its holiday sales results in an investor call Jan. 3.