By : Erik Gruenwedel | Posted: 03 Feb 2010
Trans World Entertainment Corp. Feb. 3 said longtime president and COO Jim Litwak is leaving the parent of retail chain F.Y.E. (for your entertainment), effective Feb. 16.
Litwak, a 12-year executive, including the five years as COO at the Albany, N.Y.-based company, said he was leaving to pursue “different avenues and opportunities.”
Trans World founder and CEO Robert Higgins will assume Litwak’s responsibilities while the company undertakes a search for a new head of merchandising and marketing.
Litwak said the decision to leave was his and that he wasn’t forced out.
When pressed, the 56-year-old executive told The Business Review he wants to spend more time playing golf on property he owns and rarely visits in South Carolina.
“It’s near one of the great Tom Fazio-designed golf courses that I’ve ever played in my life,” Litwak said. “I’ve played it just five times. It’s like, OK, what am I doing here?”
Despite ongoing challenges in entertainment retail, including a 9% decline in same-store sales throughout much of 2009 and $22.3 million third quarter loss, Litwak says he remains proud of the fact Trans World has persevered.
“That says a lot about the company,” he said.