Trans World Entertainment Opening 18 'New Concept' Stores17 Aug, 2016 By: Erik Gruenwedel
Trans World Entertainment is planning to open 18 reformatted “For Your Entertainment” (f.y.e.) retail stores prior to the winter holidays.
The home entertainment retailer of packaged-media movies, TV shows, music and video games previously opened 14 new-concept stores that up focus on trend categories such as collectibles, T-shirts, posters, action figures related to movies, TV shows and popular culture.
“While we are still in the early stages of our reinvention, our progress validates we are successfully leveraging our heritage, industry relationships and hard earned credibility with our customers to achieve our vision,” CEO Mike Feurer said in a statement.
Trend is a growing retail category for national video game retailer Game Stop despite the fact home entertainment chains Hastings Entertainment and Movie Stop recently shuttered operations after redoubling efforts on the category.
Meanwhile, Trans World Entertainment said it finished the second quarter (ended July 30) with a net loss of $4.7 million on revenue of $64.3 million, compared with a net loss of $3 million on revenue of $68.5 million during the previous-year period.
The company operated 292 stores in the period, compared with 310 last year.
Trans World also announced the hiring of Chris Hoerenz as its new chief digital and marketing officer.