Trans World Entertainment March 2 announced the departure of Bruce Eisenberg, EVP of real estate, effective immediately.
Eisenberg, who had been with the corporate parent of the f.y.e. (For Your Entertainment) home entertainment retail chain for nearly 27 years, saw his position eliminated following the $10 million sale of f.y.e. to the parent of Sunrise Records in Canada and HMV Records in the United Kingdom.
Per a regulatory filing, Eisenberg is set to receive more than $300,000 in so-called “golden parachute” compensation. His annual compensation had been $425,000. CEO Mike Feurer is on tap to receive more than $1 million in compensation should his position be eliminated.
The 200 mall-based f.y.e. locations across the country reported an operating loss of $21.5 million, with revenue down 14.7% to $40.8 million in the most-recent fiscal period. Comparable store sales declined 5.2% — the drop largely buttressed by gains in collectables revenue.
Trans World Entertainment had warned in regulatory filings that its continued operation as a company was in doubt without deleveraging some of assets.
The company is now focused on its Etailz.com e-commerce subsidiary, based in Spokane, Wash., which has been losing money. TWEC recently took out a $25 million loan to shore up the subsidiary’s finances.