Albany, N.Y. Trans World Entertainment Corp. announced plans to close a dozen more stores than it originally intended.
Trans World, parent company of such retail outlets as the F.Y.E. (For Your Entertainment) stores, already announced plans in November to close 137 locations. Now, the company has added another 12 stores to that list.
Trans World chairman and CEO Robert Higgins in a conference call with analysts Wednesday morning cited lower-than-expected holiday sales as the reason for closing nearly 150 outlets in the coming months. Same-store sales during the nine-week holiday shopping period, which ended on Jan. 2, were off 8%, dropping from $287 million to $241 million.
“A key part of our strategy is closing under performing stores as we work to turn the business around,” Higgins said.
The company will end its fiscal year with 553 stores, or 161 fewer than it had 12 months ago.