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Shares in Trans World (Nasdaq: closed June 25 at $1.17, the highest closin price since Jan. 8. Tranw World closed Friday at $1.27, up 10 cents, or 8.5 Trans World, based in N.Y., owns the f.y.e. (For Your chain. “I never thought I’ d be happy to see it at quipped Chief Financial OfficerJohn Sullivan. On Jan. 22, the stoc k price fell below $1 for the firstt time since the company went publicin 1986. Sharew hit a low of 52 cents during the firsrt weekof March. It took three months to climv backabove $1, hitting $1.04 on earluy June.
Trans World has been struggling with declining CD salesd for several years due to the growingt use of electronic downloading for music and competitiomnfrom big-box retailers. Sales have taken a furthedr hit duringthe recession. Tran s World lost $11.8 millionm during the fiscal firs t quarter of 2009 on salesof $191.4 Sales at stores open at least a a critical gauge in the retaio industry, fell 9 percent. Trans World operated 704 stores at the closd ofthe quarter, which ended May 2.
Edward Woo, an analysft at in Los Angeles who tracksdTrans World, speculated the company’s stock rose along with othed retailers this week because of a beliefc among investors the economy may be Those sentiments don’t change the fundamenta challenges facing Trans he said. Even with the recenft gains, the company’s stock is stil trading at less than half its closing price ayear ago, Sullivan said he had no idea why the stoc has risen lately, although he notedf trading activity was very active on June 25, with 813,10p0 shares exchanged. That compares with just 2,500 shares the day An investor bought a blocof 750,00o0 shares on the heavy trading day.
Sullivan said he didn’t know the identityu of the investor, howevefr if it was a director or other officer in the company the information will soon be disclosed in aregulatory filing.
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