Trans World Entertainment
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Trans World Entertainment Corporation is an American company which operates entertainment media retail stores across the United States. As of August 2018 it operated 240 freestanding and shopping mall-based stores under several brand names, down from about 540 in August 2010. With continued pressure from other media delivery options, up to 35 more closures are expected in 2019.
|Traded as||NASDAQ: TWMC|
Russell Microcap Index component
|Headquarters||Albany, New York, U.S.|
|Products||CD, Blu-ray, and DVD stores|
|Subsidiaries||Suncoast Motion Picture Company|
Based in Albany, New York, Trans World was founded in 1972 by Robert Higgins. It opened its first store, 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.
Trans World operated at a net loss from 2006 to 2010. In fiscal year 2011 it turned a profit of $2.2 million (compared to a $31 million loss in FY 2010). The company closed some locations and increased margins on its products.
Former Chains before sale to Sunrise RecordsEdit
- Coconut's: Evansville, Indiana
- Sam Goody: St. Clairsville, Ohio and Medford, Oregon (Formerly nationwide)
- Spec's Music: San Juan, Puerto Rico
- Suncoast Motion Picture Company: Beaumont, Texas, Eatontown, New Jersey, Omaha, Nebraska, and Portland, Oregon. (Formerly nationwide)
- SecondSpin.com: Online (sold to Sunrise Records in 2020)
- Manifest Discs and Tapes: Charlotte, North Carolina
- FYE (retailer): Nationwide (mall-based and freestanding) )
- Camelot Music
- CD World: New Jersey and Missouri
- Disc Jockey: Southern U.S. (mall-based)
- Incredible Universe, joint venture with Tandy Corporation: Nationwide (17 stores; closed in 1996, six stores sold to Fry's Electronics; )
- Leopold's: California
- Media Play: Nationwide (closed in 2006)
- Music World: New England states
- On Cue: Nationwide
- Planet Music: Virginia Beach
- Peaches: Nationwide
- Record & Tape Traders: Multiple locations in Baltimore area, last location in Towson closed in 2019
- Record Factory: Brisbane, CA
- Record Land: Nationwide (mall-based)
- Record Town: Nationwide (mall-based)
- Record World: Mid-Atlantic and New England states (mall-based)
- Saturday Matinee: Now only one location at Rockaway Townsquare in Rockaway, New Jersey; other locations closed or converted to Suncoast; previously operated in California, Colorado, Connecticut, Delaware, Illinois, Maryland, Michigan, New Jersey, New York, North Carolina, Virginia, Texas, Mississippi, and Pennsylvania
- Spec's Music Inc.: Florida
- Spin Street: Tennessee (closed 2017)
- Square Circle: Nationwide (mall-based)
- Strawberries: Texas, Maryland, New England and Mid-Atlantic States
- Streetside Records: Missouri, Midwest
- Tape World: Nationwide (mall-based)
- Vibrations: South Florida
- The Wall: Mid-Atlantic States
- Wall To Wall Sound & Video / Listening Booth: Mid-Atlantic States, later converted to The Wall
- Wherehouse Entertainment: Arizona, California, Colorado (formerly Rocky Mountain Records), Georgia, Louisiana, Missouri, New Mexico, Oklahoma, Oregon, Texas, Utah, Virginia, and Washington; filed for bankruptcy in 2003; Trans World took control of 111 stores and liquidated nearly a third of them Continued as an online buyer/seller until October 9, 2018 when the website closed.
- Biz Journals. 2 November, 2018. Retrieved 9 March, 2019
- "Trans World Invests In Brick-And-Mortar".
- "CD Price Fixing Suit Settled For $143 Million". Billboard. 2002-10-01. Retrieved 2016-04-26.
- Stephen Labaton (2000-05-11). "5 Music Companies Settle Federal Case On CD Price-Fixing". The New York Times. Retrieved 2016-04-26.
- "Trans World Entertainment Completes Asset Acquisition of Musicland Holding Corp". Trans World Entertainment Corporation. 29 March 2006. Retrieved 1 February 2020.
- DeMasi, Michael. "FYE owner Trans World reports first fiscal-year profit since 2006". The Business Review. Retrieved 8 May 2012.
- "Trans World to buy CD World". The Business Review. September 18, 2003.
- Johnson, Greg (September 19, 2003). "Trans World to buy bankrupt CD World". Daily Deal.
- Kwok, Chern Yeh (July 9, 2002). "Streetside, CD World Will Merge: Record Company's Local Stores Will Operate The Same Way They Have In The Past". St Louis Post-Dispatch. Archived from the original on September 5, 2015 – via HighBeam Research.
- "Trans World absorbs Disc Jockey music chain". The Business Review. October 31, 2000.
- "Trans World Entertainment SEC 10-K Annual Report for Fiscal Year Ending February 3, 2001". Securities and Exchange Commission. February 3, 2001.
- "Billboard". Nielsen Business Media, Inc. 1985-09-21.
- "Groovy old 1970 pic of Tower Records, San Francisco, CSN&Y "Déjà Vu "just released, only $2.88!".
- Christman, Ed (December 28, 2002). "Tower Records' Struggle Reflected Industry's Turmoil". Billboard. 114 (52). p. 45. Alternate Link via ProQuest.
- Tellijohn, Andrew (May 12, 2002). "On Cue brand will become Sam Goody". Minneapolis St. Paul Business Journal.
- Heller, Laura (April 22, 2002). "Best Buy converts On Cue stores to Sam Goody name". DSN Retailing Today. 41 (8). pp. 5, 27. Link via ProQuest.
- Garrity, Brian & Benz, Matthew (April 13, 2002). "On Cue Rebranding As Sam Goody". Billboard. 114 (15). p. 63. Alternate link via ProQuest.
- "Record and Tape Traders Towson". www.facebook.com. Retrieved 3 December 2019.
- Groves, Martha (1986-06-13). "Record Factory to Sell 23 Stores to Wherehouse". Los Angeles Times.
- "Billboard". Nielsen Business Media, Inc. 1977-11-26.
- "PUBLIC RECORDS DIRECTORY - Sterling Lanier".
- Billboard - Feb 3, 1979 - Vol. 91, No. 5 "Record Factory's parent company. Mighty Fine Distributing. Brisbane, Calif"
- "Spin Street to close its doors". WMC 5 Action News. 8 November 2017. Retrieved 1 February 2020.
- "Video Supplier Has New Chief". New York Times. December 31, 1993.
- "Partnership Buys Control Of Strawberries Inc". New York Times. September 1, 1994.
- "Trans World closes on Strawberries deal". The Business Review. October 9, 1997.
- Cuff, Daniel F. (October 25, 1989). "New Strawberries Chief To Expand Music Chain". New York Times.
- Snow, Anita (August 22, 1989). "Video Company Chief, Wife Found Fatally Shot In Mansion Home". Associated Press.
- "RIP Streetside Records Delmar". Playback STL. December 24, 2007. Archived from the original on December 26, 2007.
- Shrubshell, Don (December 6, 2012). "Streetside Records to close next month". Columbia Daily Tribune.
- Chapman, Francesca (September 23, 1993). "Handwriting On The Wall Wee Three Record Outlet Spinning Into A Bigger Chain". Philadelphia Daily News.
- "Camelot Music Agrees to Purchase The Wall; Camelot Music and WH Smith PLC Announce Signing of Letter of Intent". PR Newswire (Press release). October 31, 1997 – via The Free Library.
- Kasrel, Deni (December 5, 1997). "Bankrupt buyers woo The Wall. (Camelot Music Inc.)". Philadelphia Business Journal.
- Burke, Richard (July 21, 1990). "Wall To Wall Sound Files Petition For Bankruptcy Relief In Phila". Philadelphia Inquirer.
- Simmons, Sheila (May 16, 1990). "Wall To Wall Stressing Software". Philadelphia Daily News.
- "Articles about Wherehouse by Date - Page 5 - latimes". articles.latimes.com. Retrieved 7 January 2019.
- Leeds, Jeff (January 22, 2003). "Wherehouse Files for Chapter 11". Los Angeles Times.
- "Wherehouse Music stores' parent files for bankruptcy". St. Louis Business Journal. January 21, 2003.
- "Court OKs Purchase of Wherehouse Stores". Los Angeles Times. October 1, 2003.
- Christman, Ed (October 11, 2003). "TransWorld Trumps Sun Capital In Its Bid For Wherehouse". Billboard. 115 (41). p. 73. ISSN 0006-2510.
- "SecondSpin - Buy and sell used CDs, DVDs, Blu-Ray and Games".
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