NakulDiwakar10
can you guys please explain how was closing is correct in this context?
Hi Nakul.
The company "announced," basically said, what it "was" doing at the time. So, the use of "was closing" makes sense,
If you swap "said" for "announced," the sentence seems quite natural with "was closing."
Trans World Entertainment Corporation, which owns the Record Town and Saturday Matinee retail chains,
said it was closing up to one fourth of its stores because of poor sales.