In its fiscal fourth quarter ended Feb. 2, Trans World lost $66 million, or $2.12 per share on sales of $451. 5 million, versus the $37.8 million or $1.05 per share in profit it made last year on sales of $586.7 million, it had in the corresponding quarter a year earlier.

All of the red ink for the quarter was due to write-offs. For the quarter, the company took a non-cash tax expense of $43.4 million, which is related to the company's deferred tax assets as required by Statement of Financial Accounting Standards 109. In addition, the company took a $30.7 non-cash charge to write down certain long-lived assets.

For the full year, the company lost $99.4 million, or $3.20 a share, on sales of $1.27 billion. Excluding the $81.2 million charges, the $18.2 million loss was in line with the $20 million loss company executives projected at the end of the third quarter.

For the year, total sales decreased 14% from the $1.47 billion the chain had in 2006, largely due to store closures but also due to an 8% decrease in same-store sales.