Trans World Cuts Corp. Staff, Stores20 Jan, 2009 By: Erik Gruenwedel
Trans World Entertainment Jan. 20 said it let go 25 corporate staffers at its Albany, N.Y., headquarters as it attempts to rebound from poor holiday sales and the ongoing recession. The layoffs occurred Jan. 15.
Parent to the f.y.e. (For Your Entertainment) retail chain, Trans World said it would shutter more than 70 underperforming stores by the end of the month, affecting about 700 employees.
The company employs 225 in administration and 320 in the warehouse, located in Albany.
John Sullivan, EVP, CFO and secretary, was not immediately available for comment.
Trans World operates more than 700 f.y.e. and Second Spin locations, and employs about 8,000 people, following the closures.
Earlier this month the company reported a comparable-store sales decrease of 14% for the nine-week period ended Jan. 3, 2009. For the five-week period that ended the same time, comp-store sales decreased 12%. Total sales for the nine-week period totaled $287 million, compared to $378 million during the same period a year ago, a decrease of 24%.