Trans World Entertainment Announces Plans to Sell FYE Chain for USD 10 Million

Written by Josefine Fokuhl


January 23, 2020


The Trans World Entertainment Corporation (NASDAQ:TWMC) announced today that its board of directors has agreed to sell the For Your Entertainment (FYE) segment for USD 10 million in cash to Sunrise Records and Entertainment Ltd. in Canada. The price is subject to net inventory and other adjustments, plus the assumption of certain liabilities, Trans World Entertainment further reported. 

The Specialty Retailer of entertainment and pop culture merchandise has entered into a definitive Asset Purchase Agreement with a subsidiary of Sunrise Records and Entertainment Ltd. to sell substantially all assets of the Company’s wholly owned subsidiary, Record Town, Inc. 

Record Town, Inc. is the retail, music, film, video and popular business constituting the For Your Entertainment (FYE) segment of the Company’s business.

The collectively agreed Transaction follows a development in which the Company’s board of directors considered available alternatives of the Company’s strategy. 

According to Trans World Entertainment, “substantially all” of the FYE employees will be retained and the stores will be re-branded as Sunrise. The administrative office will remain open, however, the future of the distribution center is still unclear. 

The Albany-based Company wrote in a letter to its employees that the news is “positive” in part because it “gives associates the opportunity to join a company dedicated to entertainment retail and be part of an international organization.”

Trans World Entertainment announced to continue the ordinary business until the acquisition is finished and afterwards fully concentrate on running it’s completely-owned subsidiary, etailz Inc., an e-commerce optimization firm based in Washington. 

The Retailer expects the Transaction with Sunrise to close in the first quarter of 2020.

Stock price


52 week low/high


Related Articles

Boeing Profits Slide in First Quarter as Pandemic Weighs

Boeing Profits Slide in First Quarter as Pandemic Weighs

The Boeing Company (NYSE: BA) stock jumped more than 8 percent Wednesday after it has reported first-quarter financials. The major manufacturer of commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch...


Notify of
Inline Feedbacks
View all comments
0 0 votes
Article Rating
Share This