Trans World Announces New Board Member13 Jan, 2009 By: Erik Gruenwedel
Trans World Entertainment Corp. Jan. 13 named investor Bryant Riley to its board of directors.
Riley, founder of Riley Investment Management LLC, last year together with Trans World founder and CEO Robert Higgins attempted to take the Albany, N.Y.-based retail chain private with a $5 per share cash offer. The buyout offer was later rescinded citing market conditions.
Riley replaces Marty Hanaka, who retired from the board.
Trans World operates more than 700 largely f.y.e. retail stores, in addition to Second Spin and related Web sites. The chain last week reported comparable-store (open at least 12 months) sales decreases of 14% for the nine-week holiday sales period ended Jan. 3, 2009.
For the five-week December 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%.