Key Developments For Trans World Entertainment Corporation
Trans World Entertainment Corporation (TWMC.O) (Consolidated Issue listed on NASDAQ Global Market)
Trans World Entertainment Corporation Issues Q4 2008 EBITDA Outlook Below Analysts' Estimates; Lowers FY 2008 EBITDA Outlook
Trans World Entertainment Corporation announced that for fourth quarter of 2008, it expects EBITDA of $15-$20 million. It lowered fiscal 2008 outlook and expects EBITDA loss in the range of $20-$25 million, compared to previously issued annual outlook of $10-$15 million. According to Reuters Estimates, analysts were expecting the Company to report EBITDA of $21 million for fourth quarter of 2008. The Company cited sales for the holiday season were below expectations as the primary reason for negative outlook.
Trans World Entertainment Corporation Lowers FY 2008 EBITDA and Comparable Store Sales Guidance
Trans World Entertainment Corporation announced that it expects its results in the fourth quarter of 2008 to continue to be impacted by the weak retail environment. To reflect its lower expectations, the Company forecasted an annual EBITDA loss of $10-$15 million on an annual comparable store sales decline of 8%-10%. The Company's previous guidance was EBITDA of $5-$10 million on an annual mid single digit comparable sales decline. According to Reuters Estimates, analysts were expecting the Company to report EBITDA of $33.05 million for the same period.
Trans World Entertainment Corporation Announces Robert J. Higgins, CEO's Withdrawn Preliminary Proposal To Acquire The Company
Trans World Entertainment Corporation announced that Robert J. Higgins, its CEO and largest shareholder, has withdrawn his preliminary proposal to acquire the Company, which proposal was first announced in November 2007, and that there are no other pending proposals by management and/or any third parties to acquire the Company at this time. The Company is always considering different strategic options to maximize shareholder value and otherwise pursue the best interests of its shareholders and other constituencies and, toward this end, may become engaged in confidential negotiations, including for a sale of the Company, without prior notice in the future.
Trans World Entertainment Corporation To Close Ohio, NY Facilities-DJ
Dow Jones reported that Trans World Entertainment Corporation will close two facilities in Ohio and New York as part of a program to streamline operations. Trans World also announced that it phase out its North Canton, Ohio, distribution center over the next two months, affecting 234 employees. Trans World will also close its fixture facility in Johnstown, N.Y., affecting 18 employees.
Trans World Entertainment Corporation Issues FY 2007 Net Profit Guidance Below Analysts' Estimates
Trans World Entertainment Corporation announced that it expect to report a net loss for fiscal 2007 in a range of $15 to $20 million. According to Reuters Estimates, analysts were expecting the Company to report net loss of $0.20 million in fiscal 2007.
