The parent company of FYE is in the midst of closing 52 music and video retail stores following another Christmas holiday season in which sales fell.
Store closings started in December and will wrap up by the end of February. Most of the 52 closures are happening this week, said Tom Seaver, chief financial officer of Trans World Entertainment Corp. in Albany, New York. [Related: A tale of two Seavers].
The stores are being closed because of poor sales, lease expirations, and/or to improve efficiency.
The brick-and-mortar retail chain has seen its sales suffer over the past five years because of the growing popularity of digital music, competition from big-box stores, and the recession.
Trans World (Nasdaq: TWMC) has closed more than 550 stores since 2006.
From: http://ping.fm/qamuc
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