Trans World Cuts Board Size3 Jun, 2008 By: Erik Gruenwedel
Financially challenged Trans World Entertainment Inc. June 3 said it would reduce from 9 to 5 the number of members seated on the Albany, N.Y.-based retailer's board of directors, according to a regulatory filing.
The parent to f.y.e., Suncoast and Wherehouse retail brands said the smaller board would reduce corporate overhead costs by an undisclosed amount.
Trans World lost $11.9 million in the most recent regulatory period.
Board members who voluntarily opted to leave prior to next month's annual shareholder meeting (and are not employed by Trans World) included Mark Cohen (whose term expires in 2010), Lori Schafer (2009), Edmond Thomas (2009) and Brett Brewer (2009).
Brewer earned $94,400 in fees and option awards in fiscal 2007, while Cohen earned $137,000 in fees and stock options, Schafer $133,500 and Thomas $132,500 in fees and stock.
Remaining board members include founder, chairman and CEO Robert Higgins, Martin Hanaka and Isaac Kaufman (both of whom are up for re-election), Joseph Marone and Michael Solow.
Higgins, who last month retracted his attempt to take Trans World private, earned $2.1 million in compensation in 2007, and does not receive additional compensation as a member of the board.