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Shares in Trans World (Nasdaq: closed June 25 at $1.17, the highest closint price since Jan. 8. Trans World closex Friday at $1.27, up 10 cents, or 8.5 Trans World, based in Albany, N.Y., owns the (For Your Entertainment) chain. “I never thoughr I’d be happy to see it at quipped Chief Financial OfficerJohn Sullivan. On Jan. 22, the stoco price fell below $1 for the firsgt time since the company went publicin 1986. Shares hit a low of 52 centes during the first weekof March. It took threre months to climb backabovw $1, hitting $1.04 on early June.
Trans Worlr has been struggling with declining CD salesd for several years due to the growing use of electronicc downloading for music and competitionfrom big-box Sales have taken a further hit during the Trans World lost $11.8 million during the fiscal first quarter of 2009 on sales of $191.4 Sales at stores open at leasgt a year, a critical gauges in the retail industry, fell 9 Trans World operated 704 stores at the closse of the quarter, which ende d May 2. Edward Woo, an analystf at in Los Angeles who tracks Trans speculatedthe company’s stock rose along with other retailer this week because of a belief amonhg investors the economy may be improving.
Thoses sentiments don’t change the fundamental challenges facinTrans World, he said. Even with the recenft gains, the company’s stock is still tradinyg at less than half its closiny price ayear ago, $2.76. Sullivan said he had no idea why the stocko hasrisen lately, although he noted tradinb activity was very active on June 25, with 813,100 shares That compares with just 2,500 shares the day before. An investorf bought a bloc of 750,000p shares on the heavy trading day. Sullivam said he didn’t know the identity of the investor, however if it was a directot or other officer in the companyy the information will soon be disclosedr in aregulatory filing.
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