More layoffs at Trans World
Trans World Entertainment Corp. has laid off a handful of employees at its Albany, N.Y., headquarters over the past couple weeks due to a reduction in the number of its stores, an official said Friday.
"A handful of positions were eliminated, which is typical when you close stores at year's-end," Chief Financial Officer John Sullivan said.
No other cuts are expected, he said.
About 600 people work at the music, movie and video game company's administrative headquarters and distribution facility at 38 Corporate Circle.
Trans World said in late December it was closing about 130 stores, leaving the company with about 815 locations by the end of this year.
Most of its stores operate under the name f.y.e. (For Your Entertainment).
Trans World (Nasdaq: TWMC) is also closing a distribution center in North Canton, Ohio, resulting in 234 layoffs. Another 18 employees are losing their jobs at a facility in Johnstown, N.Y., that makes racks and other store displays.
The closure of the North Canton facility is expected to boost employment at the Albany warehouse by 80 to 100 jobs as the distribution duties are shifted to the East Coast.
The store reductions and plant closing came on the heels of another disappointing holiday season for the retailer. Trans World Chairman and CEO Robert J. Higgins expects to report a $15 million to $20 million net loss when fiscal 2007 earnings results are released March 6.
Higgins and one of Trans World's biggest investors, Riley Investment Management LLC, have proposed buying out the company for $5 per share.
Another investor, Sherwood Investment Overseas Ltd., in Orlando, Fla., has offered to take the company private for $7 per share.
Trans World was trading at $4.22 mid-afternoon Friday, down 0.2 percent.
"A handful of positions were eliminated, which is typical when you close stores at year's-end," Chief Financial Officer John Sullivan said.
No other cuts are expected, he said.
About 600 people work at the music, movie and video game company's administrative headquarters and distribution facility at 38 Corporate Circle.
Trans World said in late December it was closing about 130 stores, leaving the company with about 815 locations by the end of this year.
Most of its stores operate under the name f.y.e. (For Your Entertainment).
Trans World (Nasdaq: TWMC) is also closing a distribution center in North Canton, Ohio, resulting in 234 layoffs. Another 18 employees are losing their jobs at a facility in Johnstown, N.Y., that makes racks and other store displays.
The closure of the North Canton facility is expected to boost employment at the Albany warehouse by 80 to 100 jobs as the distribution duties are shifted to the East Coast.
The store reductions and plant closing came on the heels of another disappointing holiday season for the retailer. Trans World Chairman and CEO Robert J. Higgins expects to report a $15 million to $20 million net loss when fiscal 2007 earnings results are released March 6.
Higgins and one of Trans World's biggest investors, Riley Investment Management LLC, have proposed buying out the company for $5 per share.
Another investor, Sherwood Investment Overseas Ltd., in Orlando, Fla., has offered to take the company private for $7 per share.
Trans World was trading at $4.22 mid-afternoon Friday, down 0.2 percent.
Labels: layoffs, Trans World Entertainment
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