Trans World Entertainment
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| Public | |
| Traded as | NASDAQ: TWMC |
| Industry | Retail |
| Founded | December 1972 |
| Headquarters | Albany, New York |
| Products | CD, Blu-ray, and DVD stores |
| Subsidiaries |
Suncoast Motion Picture Company f.y.e. |
| Website | www |
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.
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. It is estimated that between 1995 and 2000 customers were overcharged by nearly $500 million and up to $5 per album.
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.
On Thursday, May 17, 2012, Trans World reported a Q1 net income of $2.8 million, which is a $5.3 million improvement from Q1 in 2011. Trans World's stock price ended up 18% on the day.
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.
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.
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