Trans World Shutters Distribution Center23 Jan, 2008 By: Erik Gruenwedel
Trans World Entertainment Corp., the self-proclaimed “last entertainment retailer standing,” said it is closing a distribution facility in Canton, Ohio, and shifting operations to remaining facilities in Albany, N.Y. (corporate headquarters) and Carson, Calif.
The closure, which is part of the retailer's ongoing corporate streamlining, will be conducted over the next two months, resulting in layoffs to 234 employees.
The company operates about 800 stores under the f.y.e., Suncoast, Wherehouse and Second Spin brands.
Co-founder, CEO and majority stockholder Robert Higgins is attempting to acquire all outstanding shares to take the company private.
Trans World earlier this month reported a 12% decline in comparable same-store sales (open at least 12 months) for the nine-week holiday shopping period last year. Revenue fell 19%, to $378 million from $469 million, while revenue for the five-week period after Thanksgiving plummeted 24%, to $269 million from $368 million last year.
Trans World is also shuttering a fixture facility in Johnstown, N.Y., affecting 18 employees.