Storefronts: Latham Farms F.Y.E. store to close
May 17, 2010 at 2:20 pm by Chris Churchill
The F.Y.E. (for your entertainment) store at Latham Farms will close July 9.
The shuttering will leave Albany-based Trans World Entertainment, a music and video retailer, with just four local stores: at Colonie Center, Rotterdam Square, Crossgates Mall and the Wilton Mall.
Financially troubled Trans World has been rapidly shedding stores, closing 133 just in the last three months of 2009, leaving it with fewer than 600 locations overall.
The company has been squeezed on several fronts, running up losses quarter after quarter, as music shoppers shift to online downloads or big retailers like Walmart and Best Buy.
In a down commercial real estate market, Trans World, like many retailers, has been looking to save money by renegotiating its lease deals. But John Sullivan, the chief financial officer at Trans World, said the company was not able to do do at Latham Farms.
“The lease expired,” he said, “and just weren’t able to come to terms on a new lease.”
Trans World no longer has any plaza or free-standing stores in the Capital Region. But Sullivan said the company it is not company strategy to move away from those types of stores in favor of enclosed malls.
“It all depends on the location,” he said.
May 17, 2010 at 2:20 pm by Chris Churchill
The F.Y.E. (for your entertainment) store at Latham Farms will close July 9.
The shuttering will leave Albany-based Trans World Entertainment, a music and video retailer, with just four local stores: at Colonie Center, Rotterdam Square, Crossgates Mall and the Wilton Mall.
Financially troubled Trans World has been rapidly shedding stores, closing 133 just in the last three months of 2009, leaving it with fewer than 600 locations overall.
The company has been squeezed on several fronts, running up losses quarter after quarter, as music shoppers shift to online downloads or big retailers like Walmart and Best Buy.
In a down commercial real estate market, Trans World, like many retailers, has been looking to save money by renegotiating its lease deals. But John Sullivan, the chief financial officer at Trans World, said the company was not able to do do at Latham Farms.
“The lease expired,” he said, “and just weren’t able to come to terms on a new lease.”
Trans World no longer has any plaza or free-standing stores in the Capital Region. But Sullivan said the company it is not company strategy to move away from those types of stores in favor of enclosed malls.
“It all depends on the location,” he said.
