Erik Gruenwedel
November 1, 2018
Trans World Entertainment, parent of the f.y.e. (For Your Entertainment) home entertainment retail chain, Nov. 1 announced an amended agreement with Wells Fargo regarding its five-year, $75 million revolving credit facility.
Specifically, TWEC agreed to receive written consent from Wells Fargo prior to closing additional f.y.e. store locations. The company said closures would not exceed 35 locations, or 68 stores in aggregate through the end of the fiscal year (Feb. 2, 2019).
The agreement provides that any store closures from the signing of the amended agreement until the end of the fiscal year shall be made in accordance with liquidators or liquidation consultants “reasonably” acceptable to Wells Fargo.
Mall-based f.y.e. posted an operating loss of $6.6 million in its most-recent fiscal period operating 241 stores. Revenue dropped 15% to $104.6 million from $123.9 million.
Related Posts
Trans World Entertainment Promotes Edwin Sapienza to CFOTrans World Entertainment Corp., parent of the F.Y.E. home entertainment retail chain, disclosed in an Oct. 29 regulatory filing the promotion of veteran executive Edwin Sapienza to the vacant CFO position following Oct. 10 passing of John Anderson. Sapienza, 48,…
Trans World Entertainment CFO John Anderson DiesTrans World Entertainment Corp., parent of home entertainment retailer f.y.e. and ecommerce platform Etailz.com, Oct. 15 announced the unexpected Oct. 10 passing of CFO John Anderson. He was 49. Cause of death was not disclosed. During a 23-year career at…
Trans World Entertainment Stock Given Delisting WarningTrans World Entertainment Corp. Oct. 12 disclosed it has received formal notice from Nasdaq that its stock has traded below the $1-per-share minimum for the past 30 business days. The Albany, N.Y.-based distributor, which operates the f.y.e. (For Your Entertainment)…
Trans World Entertainment Ups Q1 LossTrans World Entertainment Corp. May 29 reported a first-quarter (ended May 5) loss of $8.1 million, which was 56% higher than the $5.2 million loss reported in the previous-year period. Revenue dropped nearly 5% to $96.6 million. The company cited…
