Holiday Brings No Joy For Trans World Entertainment
Albany, N.Y., Trans World Entertainment reported a comps decrease of 7% for the five-week period ended Dec. 31, and a comps decline of 8% for the nine-week period ended the same date.
“Sales for the quarter have been affected by a general weakness in our industry,” said chairman and CEO Robert J. Higgins. He added that in light of Trans World’s disappointing holiday performance, the retailer’s earnings for its 2005 fiscal year are expected to be down from the prior year. He estimated earnings for the year will be zero to 5? per share, as compared to an earlier forecast of 25? to 30? per share.
MarineMax Buys Midwest Boat Dealership
Clearwater, Fla., Boat retailer MarineMax Inc. has agreed to purchase Port Arrowhead Group, a $70 million boat dealership primarily serving Missouri and Oklahoma and neighboring states. MarineMax will pay $27.5 million in cash, plus working capital adjustments and the assumption of liabilities. The transaction is expected to close in the first quarter.
Linens ’N Things Deal Gets U.S. Antitrust
Washington, U.S. antitrust authorities on Tuesday said that they approved plans by private equity firm Apollo Management L.P. and its affiliates to buy Linens ‘N Things.
Under the terms of the Apollo deal, financing is contingent upon Linens ‘N Things reporting a fourth-quarter same-store sales decline of no more than 6% and earnings before interest, taxes, depreciation and amortization of not less than $140 million.