F.Y.E. Parent Delays 10K Fiscal Report Filing, Cites Business Operation Concerns

The corporate parent of home entertainment retailer f.y.e. (For Your Entertainment) May 6 disclosed it has sought a delay in its 10K fiscal-year filing (ended Feb. 2) with the Securities and Exchange Commission (SEC).

In the filing, Trans World Entertainment Corp. said the delay from May 3 to May 20 was due in part to apprehensions by its accounting firm (KMPG) about the company’s ability to “continue as a going concern.”

The company ended the fiscal period with just $4.3 million in cash – down from more than $31 million a year ago.

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The company’s shares, which closed at 34 cents per share, are on notice of being delisted by Nasdaq for failing to meet the trading board’s $1-per-share minimum threshold.

New York-based TWEC operates more than 200 mall-based f.y.e. home entertainment retail stores – down from 540 stores in 2010.

The chain saw store revenue drop 15% to $78.8 million from $92.4 million in the previous-year period. Operating losses narrowed to $1 million from a $2.4 million during the previous-year period.

Store revenue declined 14% to $231.2 million from $268.3 million during the previous-year period.

To offset ongoing declines in packaged media sales, including DVD/Blu-ray Disc movies and music CDs, f.y.e has pushed trend items such as collectibles, action figures, posters, T-shirts and related merchandise.

Meanwhile, Spokane, Wash.-based e-commerce middleman Etailz.com, which Trans World acquired in 2016 for $75 million, reported a $62 million loss from operations.

 

2 thoughts on “F.Y.E. Parent Delays 10K Fiscal Report Filing, Cites Business Operation Concerns”

    1. Probably the many hard working employees that are dedicated to giving their customers all of the trendy pop culture merchandise that so many of you look for.

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