Trans World Entertainment

Trans World Entertainment Corporation
Public
Traded as NASDAQ: TWMC
Industry Retail
Founded December 1972
Headquarters Albany, New York
Products CD, Blu-ray, and DVD stores
Subsidiaries f.y.e.
Website www.twec.com

Trans World Entertainment Corporation is a chain of entertainment media retail stores in the United States. It currently operates just over 300 freestanding and shopping mall-based stores under several brand names, down from about 540 in August 2010.

Based out of Albany, New York, Trans World was founded in 1972 by Robert Higgins. It opened its first store, called Record Town (formerly Record Land), in 1973. The company went public in July 1986 and has expanded through acquisitions of a number of smaller or failing companies including Strawberries, Camelot Music, and Wherehouse Entertainment.

On September 23, 2000, Trans World signed a definitive agreement to acquire the assets of WaxWorks, and the deal was expected to close by the end of October.[1]

As part of a 2002 settlement with 41 states over CD price fixing Trans World Entertainment, along with retailers Musicland and Tower Records, agreed to pay a $3 million fine.[2] It is estimated that between 1995 and 2000 customers were overcharged by nearly $500 million and up to $5 per album.[3]

In February 2006, Trans World acquired the Musicland Group, which owned Sam Goody, Suncoast Motion Picture Company, and Media Play. This also included a handful of On Cue stores.

On Thursday, March 1, 2012, Trans World reported its first fiscal year net income since 2006. Trans World swung to a $2.2 million profit in fiscal year 2011, compared to a net loss of $31 million in fiscal year 2010. The turnaround at Albany, New York-based Trans World came about from cost-cutting, as the company continued to close unprofitable locations, and higher gross margins on the products it sells.[4]

On Thursday, May 17, 2012, Trans World reported a Q1 net income of $2.8 million,[5] which is a $5.3 million improvement from Q1 in 2011. Trans World's stock price ended up 18% on the day.[6]

On Monday, July 9, 2012, Trans World announced that it named John Anderson as acting Chief Financial Officer. Anderson has served in positions of increasing responsibility at Trans World for over 18 years, most recently serving as Controller since September 2006.[7]

On Thursday, August 16, 2012, Trans World announced their Q2 results; the company reported a $5.4 million decrease in its net loss to $1.9 million, or a loss of $0.06 per diluted share, compared to a net loss of $7.3 million, or a loss of $0.23 per diluted share, for the same period last year. These results reflect the tenth consecutive quarter of improvements.[8]

Also on Thursday, August 16, 2012, Trans World announced that they plan to open several new packaged-media retail stores entering the fourth quarter, including a high-profile location at Annapolis Mall in Maryland starting at the end of September.[9]

On Wednesday, November 28, 2012, Trans World had two important announcements. First, they sold real property that they owned in South Beach, Miami, Florida, for $30 million. Prior to the sale, Trans World has been leasing the property to Walgreens. They purchased the property for just $7 million back in 2007. Secondly, they announced a $0.47 per share special cash dividend, payable to shareholders as of December 10, 2012. Trans World will pay out $15 million in cash to shareholders in this dividend payout, which will be made on December 26, 2012. The stock rose 8% on the news.[10]

Chains

Defunct

References

  1. ↑ "Trans World Invests In Brick-And-Mortar".
  2. ↑ "CD Price Fixing Suit Settled For $143 Million". Billboard. 2002-10-01. Retrieved 2016-04-26.
  3. ↑ Stephen Labaton (2000-05-11). "5 Music Companies Settle Federal Case On CD Price-Fixing". The New York Times. Retrieved 2016-04-26.
  4. ↑ DeMasi, Michael. "FYE owner Trans World reports first fiscal-year profit since 2006". The Business Review. Retrieved 8 May 2012.
  5. ↑ "Trans World Entertainment Announces First Quarter Results". Retrieved 2 June 2012.
  6. ↑ "Trans World Entertainment returns to profit in 1Q". MSNBC. Retrieved 18 May 2012.
  7. ↑ Newswire, PR. "Trans World Entertainment Names John Anderson Acting Chief Financial Officer". MarketWatch. Retrieved 9 July 2012.
  8. ↑ The, Street. "Trans World Entertainment". The Street. Retrieved 17 August 2012.
  9. ↑ Gruenwedel, Erik. "Trans World Entertainment Opening Stores". Home Media Magazine. Retrieved 17 August 2012.
  10. ↑ DeMasi, Michael. "FYE parent Trans World sells Miami real estate for $30M and announces cash dividend". The Business Review. Retrieved 29 November 2012.
  11. ↑ https://books.google.com/books?id=vyQEAAAAMBAJ&pg=PT19&lpg=PT19&dq=Leopold%27s+was+bought+by+the+Record+Factory&source=bl&ots=aR6NVNK2JQ&sig=HTZhOQiS83dzm1xsH8Dp1BSSowU&hl=en
  12. ↑ http://forums.stevehoffman.tv/threads/groovy-old-1970-pic-of-tower-records-san-francisco-csn-y-deja-vu-just-released-only-2-88.308843/page-11
  13. 1 2 http://articles.latimes.com/1986-06-13/business/fi-11015_1_wherehouse-entertainment
  14. ↑ https://books.google.com/books?id=70QEAAAAMBAJ&pg=PT27&lpg=PT27&dq=%22Record+Factory%22+Brisbane&source=bl&ots=ECw8LDm8-k&sig=Z-dm74rwWhy7sq28xV-PSjd6fIY&hl=en
  15. ↑ http://publicrecords.directory/profiles/sterling-lanier.5512778.html
  16. ↑ Billboard - Feb 3, 1979 - Vol. 91, No. 5 "Record Factory's parent company. Mighty Fine Distributing. Brisbane, Calif"
  17. ↑ Articles about Wherehouse by Date - Page 5 - latimes
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