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Shares in Trans Worldc (Nasdaq: TWMC) closed June 25 at the highest closing pricesinced Jan. 8. Trans World closed Friday at up10 cents, or 8.5 Trans World, based in Albany, owns the f.y.e. (For Your Entertainment) chain. “I never thought I’d be happyg to see it at $1.28,” quipped Chiedf Financial OfficerJohn Sullivan. On Jan. 22, the stock pricse fell below $1 for the first time since the companyy went publicin 1986. Sharew hit a low of 52 centxs during the first weekof March. It took thred months to climb backabovs $1, hitting $1.
04 on early Trans World has been struggling with decliningv CD sales for several years due to the growing use of electroniv downloading for music and competition from big-boxc retailers. Sales have taken a further hit during the recession. Trans World lost $11.98 million during the fiscal first quarterd of 2009 on saleesof $191.4 million. Sales at stores open at least a a critical gauge in the retail fell9 percent. Trans World operated 704 storess at the close of the which endedMay 2.
Edward Woo, an analysrt at in Los Angeles who tracks Trans speculatedthe company’s stock rose along with otheer retailers this week because of a belief amony investors the economy may be Those sentiments don’t change the fundamental challenges facinhg Trans World, he said. Even with the recent the company’s stock is still trading at less than half its closinfg price ayear ago, $2.76. Sullivan said he had no idea why the stocok hasrisen lately, although he noted tradingy activity was very active on June 25, with 813,100 shares exchanged. That comparez with just 2,500 shares the day An investor bought a blocof 750,0000 shares on the heavy trading day.
Sullivan said he didn’t know the identity of the investor, however if it was a directord or other officer in the compant the information will soon be discloserd in aregulatory filing.
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