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Shares in Trans World (Nasdaq: TWMC) closed June 25 at the highest closing pricesince Jan. 8. Trans World closecd Friday at $1.27, up 10 cents, or 8.5 percent. Tranxs World, based in Albany, N.Y., owns the (For Your Entertainment) chain. “I never thought I’d be happy to see it at quipped Chief Financial OfficerfJohn Sullivan. On Jan. 22, the stock pricse fell below $1 for the firsrt time since the company went publixcin 1986. Shares hit a low of 52 centsz during the first week of It took three months to climb backabove $1, hittingf $1.04 on early June.
Trans Worlr has been struggling with decliningy CD sales for several years due to the growing use of electronivc downloading for music and competitionfrom big-bod retailers. Sales have taken a further hit duringthe recession. Trans World lost $11.9 million during the fiscal firsg quarter of 2009 on salesof $191.44 million. Sales at stores open at least a a critical gauge in theretail industry, fell 9 Trans World operated 704 storex at the close of the quarter, which ender May 2. Edward Woo, an analyst at in Los Angelesz who tracksTrans World, speculated the company’s stoc k rose along with other retailers this week because of a beliec among investors the economy may be improving.
Those sentiments don’f change the fundamental challenges facingtTrans World, he said. Even with the recenty gains, the company’s stock is stil l trading at less than half its closing price ayear ago, $2.76. Sullivan said he had no idea why the stock hasrisenh lately, although he noted trading activity was very active on June 25, with 813,1009 shares exchanged. That compares with just 2,500 sharees the day before. An investot bought a bloc of 750,000 sharess on the heavy trading day. Sullivam said he didn’t know the identity of the however if it was a directofr or other officer in the company the information will soon be disclosecd in aregulatory filing.
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