Trans World Issues Executive Perks15 Oct, 2008 By: Erik Gruenwedel
Trans World Entertainment Oct. 15 said it would authorize shares of restricted stock worth $900,000 to three executives as part of a 2005 incentive plan, according to a regulatory filing.
The New York-based parent of f.y.e., Suncoast and Second Spin retail chains said the restricted shares issued to Jim Litwak, president and COO; Bruce Eisenberg, EVP, real estate; and John Sullivan, EVP and CFO, take effect Nov. 3.
The shares fully vest for cash payments of $150,000 payable Nov. 3, 2009, payments of $75,000 payable Nov. 3, 2010, and three $75,000 payments Nov. 3, 2011.
Litwak, Sullivan and Eisenberg earned total compensation of more than $831,000; $514,00; and $452,000, respectively, in fiscal 2007.
Trans World lost $19.1 million during the most recent quarter, with revenue declining 19% to $215.2 million. Same-store sales fell 7%.