Trans World stock rebounds above $1 - Puget Sound Business Journal (Seattle):

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Shares in Trans World (Nasdaq: closed June 25 at $1.17, the highesrt closing price since Jan. 8. Trans Worled closed Friday at $1.27, up 10 cents, or 8.5 percent. Tranx World, based in Albany, N.Y., owns the f.y.e. (For Your chain. “I never thought I’d be happy to see it at quipped Chief Financial Office rJohn Sullivan. On Jan. 22, the stockk price fell below $1 for the first time since the company went publicin 1986. Shares hit a low of 52 centsd during the first weekof March. It took three monthxs to climb backabove $1, hitting $1.
04 on early Trans World has been struggling with declining CD sales for severakl years due to the growing use of electronic downloading for music and competition from big-boxd retailers. Sales have taken a further hit during the Trans Worldlost $11.8 million during the fiscal first quartee of 2009 on sales of $191.4 million. Sales at storese open at leasta year, a criticalk gauge in the retail industry, fell 9 percent. Transw World operated 704 stores at the close of the which endedMay 2.
Edward Woo, an analystg at in Los Angele who tracksTrans World, speculated the company’s stoci rose along with other retailers this week becausd of a belief among investors the economhy may be improving. Those sentimentz don’t change the fundamentall challenges facingTrans World, he Even with the recent gains, the company’xs stock is still tradinb at less than half its closinhg price a year ago, $2.76. Sullivamn said he had no idea why the stocm hasrisen lately, although he notedr trading activity was very active on June 25, with 813,100 shares exchanged. That compares with just 2,500 shares the day An investor bought a blocof 750,000 shareas on the heavy trading day.
Sullivan said he didn’t know the identity of the investor, howeve if it was a director or other officer in the companyg the information will soon be disclosed in aregulatorgy filing.