Trans World to close 70 locations
Retailer to layoff 700 employees
By Susanne Ault -- Video Business, 1/21/2009
JAN. 21 | Trans World Entertainment will shutter 70 of its retail outlets by the end of the month, following a difficult holiday shopping period.
In connection with the store closures, 700 employees will lose their jobs. At the same time, Trans World has laid off 25 corporate staff members.
Many of the chain’s senior employees remain, including president and chief operating officer Jim Litwak, chief financial officer John Sullivan and VP/divisional merchandising manager of video and videogames Mark Higgins.
Regarding the Trans World store closures, Sullivan said, “These are lease expirations where we couldn’t make the appropriate deal. And there was a reduction [in staff] in line with the reduction in stores.”
Going forward, Trans World will number 715 outlets.
The company blamed the rough economy and bad seasonal weather for the chain’s same-store sales decline of 14% in November and December 2008 over the comparable 2007 frame.
