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Trans World, the owner of the perplexingly acronymed last-music-chain-standing FYE, announced its fourth-quarter earnings earlier this week, and the news was pretty bad: The company had a 14% year-to-year decline in same-store sales over the holiday season, a result that the CEO called “well below our expectations.” The conference call discussing the company’s quarterly results didn’t go so well, either, thanks to a caller who made a bunch of quite-salient points (including a note about an ominous year-to-year drop in DVD sales) that made one wonder whether or not the company has anything at all resembling a concrete plan to ride out the downturn in the economy, the music world, retail in general, etc. Fast forward to the 17-minute mark if you want to hear the diatribes of one “Bobby Melnick,” who by my count rendered the Trans World suits speechless at least three times. [Video News Wire via Velvet Rope]
“FYE” Might Stand For “Fire-Sale In Your Environment” Soon Enough
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Sure, I know what FYE’s sales strategy is…sell as many CDs at full $17.98 and $18.98 list price as possible, fill their stores full of useless pop culture crap, and badger you to death at the cash register with magazine offers and such until you decide to shop elsewhere. What genius!!!
Dude. Bobby Melnick is AWESOME.
Does anyone want to rent space at the corner of Broad and Chestnut in Philly? There’s an FYE (that replaced the old Tower) on one side and a Borders on the other.
All I know is, I bought 4 cds yesterday each at 50% of at a local FYE, for $25. Their misfortune is my gain. Whoopee!
@Awakeonatrain:
I’m with the Rev on this one. Your purchase would require that the average regular price of each CD was $12.50; I’d have to see it to believe it at FYE, unless you picked up some Kansas CD’s.
I could totally do without the magazine offers. If I want a flippin’ magazine I’ll subscribe to it.
@LAKingsin2009: Okay, Mr. Nit-picky, maybe it was around $28 bucks for my purchase. And I got MBV’s “Isn’t Anything” used for $4.99. The other three were $14.99 as the sticker price.
But if you want to check my math so you can correct me again, than okay.
Remember when The Wall justified their high prices by giving you those Lifetime Guarantee stickers? Once they closed down and became FYE I never shopped there again.
There’s an FYE in Middletown, one town away from me and it’s been there for about twenty years, first as a Coconuts, then as a Strawberries. The big problem with that FYE is that they don’t stock artists like Pulp. Or Lightning Bolt. But they have three copies of the first Tin Machine album. At least there’s an independent record store in my town, so i don’t really care if that FYE goes under.
@DocStrange: Maybe the reason they have 3 Tin Machines is the reason they still have decade-old DVDs in their racks. You can still find crappy “first edition” DVD versions of catalog movies like BULLITT or CASABLANCA next to the newer, remastered, visibly improved DVDs for the same price. It’s ridiculous. They must have curious inventory policies.
@Rev.Keith: thank God, i thought it was just me.
@Awakeonatrain:
Easy A-Train. The snark was directed more at FYE than yourself. I apologize for any questioning of your probity that was implied.
@postschadenfreude: I look forward to filling shopping bags with discounted merchandise for a second time in the same location.