Trans World Cuts HQ Staff

Albany, N.Y. Trans World Entertainment Corp., parent to the f.y.e. (For Your Entertainment) chain, laid off 25 employees at the corporate headquarters in Albany, N.Y., a company official said Monday.

The administrative job cuts come at a time when Trans World is closing 70 more of its f.y.e. stores in the wake of another disappointing holiday sales season, which saw sales for the nine-week shopping period fall to $287 million from $378 million, a 24% decline.

The company said it is anticipating losses of $20 million to $25 million when it releases its full-year sales results in March.

The store closures will affect about 700 employees.

The cuts at the administrative office and in the stores will leave Trans World with about 8,000 full- and part-time employees.

That includes 225 in the administrative offices and 320 at the distribution warehouse.

Trans World will have 715 stores when the current round of closures is finished this month.