Trans World liquidates 138 stores
Declining CD sales to blame
By Susanne Ault -- Video Business, 1/9/2008
JAN. 9 | In some year-end housekeeping, Trans World Entertainment has been liquidating 138 of its retail outlets over the last several weeks.
The bulk of the closures, which started in early December, are of stores under Trans World’s F.Y.E. brand. About 40 of the shuttered outlets are part of Trans World’s DVD-centric Suncoast brand.
Likely spurring Trans World’s decision is the ongoing industry-wide decline of CD sales. Also, consumer spending on DVD, traditionally a healthy format, is down from 2006, according to the Digital Entertainment Group.
The timing of the store closures coincides with leases that were expiring, said John Sullivan, chief financial officer at Trans World.
At last count in November, Trans World numbered 962 outlets. Once all the designated closures are complete, the chain will operate 824 storefronts.
