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Hot Stocks
Trans World announces departure of CEO Michael Feurer » 09:27
03/31/20
03/31
09:27
03/31/20
09:27
TWMC

Trans World

$3.38 /

+0.08 (+2.42%)

The Company announced…

The Company announced the departure of Michael Feurer, the Company's CEO, effective immediately. Mike had been Chief Executive Officer and a director of the Company since 2014."Mike's leadership was instrumental in the brand transformation and recent sale of our FYE business and the financing of etailz. In fact, it was Mike's foresight regarding digital marketplace retailing that prompted the Company to reinvent itself with the purchase of etailz several years ago. The Board thanks Mike for his contributions to the Company and wish him the best in the future. This marks the end of the FYE chapter of TWEC and a new beginning for the Company," said Michael Solow, retiring Chairman of TWEC's Solow, along with Michael Feurer, Jeff Hastings, Rob Marks and Michael Nahl, retired from TWEC's board effective with this financing

Hot Stocks
Trans World to focus exclusively on growth, success of etailz » 09:27
03/31/20
03/31
09:27
03/31/20
09:27
TWMC

Trans World

$3.38 /

+0.08 (+2.42%)

Trans World Entertainment…

Trans World Entertainment announced it has secured additional financing for its wholly owned subsidiary etailz from investors led by Alimco Financial Corporation. Together with the previously announced credit facility, etailz now has over $30 million in committed new financing. In connection with the financing, Tom Simpson and Jonathan Marcus will join a reconstituted board of directors. Mr. Simpson was co-founder and Executive Chairman of etailz up until TWEC's acquisition of etailz in 2016, and currently serves as Managing Member of the Kick-Start funds. Mr. Marcus is the CEO of Alimco and has over 30 years of experience as an investor, including numerous board roles. The Company will now focus exclusively on the growth and success of etailz. The financing will help etailz achieve its growth goals, which includes further developing its software and services offerings, supporting inventory expansion, and expanding into new marketplaces and geographies.

Over a month ago
Hot Stocks
Trans World completes sale of For Your Entertainment segment for $10M » 16:45
02/20/20
02/20
16:45
02/20/20
16:45
TWMC

Trans World

$3.57 /

+0.305 (+9.34%)

Trans World Entertainment…

Trans World Entertainment announced that it has closed the previously-announced sale of substantially all of the assets constituting its For Your Entertainment segment to a subsidiary of Sunrise Records and Entertainment, the parent of Sunrise Records in Canada and HMV Records in the United Kingdom, for $10M in cash, subject to net inventory and other adjustments, plus the assumption of certain liabilities. Going forward, the company plans to focus on the operation of its wholly owned subsidiary, etailz, which has entered into a loan and security agreement with Encina Business Credit of up to $25M. The facility will be primarily used to provide capital for etailz to achieve its growth goals, which includes further developing its software and services offerings, supporting inventory expansion, and expanding into new marketplaces and geographies.

Hot Stocks
Trans World announces shareholder approval for FYE segment sale » 08:17
02/18/20
02/18
08:17
02/18/20
08:17
TWMC

Trans World

$4.20 /

-0.08 (-1.87%)

Trans World Entertainment…

Trans World Entertainment announced that at a special shareholders meeting held on February 17, 2020 more than two-thirds of the Company's shareholders approved the previously-announced sale of substantially all of the assets constituting its For Your Entertainment segment to a subsidiary of Sunrise Records and Entertainment, the parent of Sunrise Records in Canada and HMV Records in the United Kingdom, for $10 million in cash, subject to a net inventory and other adjustments, plus the assumption of certain liabilities. The closing of the Transaction is subject to the satisfaction or waiver of customary closing conditions set forth in the purchase agreement, including the receipt of certain third party consents which are expected shortly. All of the proceeds from the Transaction will be used to repay outstanding indebtedness and to satisfy other unassumed liabilities. Going forward, the Company plans to focus on the operation of its wholly owned subsidiary, etailz, Inc.

Hot Stocks
Trans World announces agreement to sell FYE segment for $10M » 09:08
01/23/20
01/23
09:08
01/23/20
09:08
TWMC

Trans World

$2.30 /

-0.05 (-2.13%)

Trans World Entertainment…

Trans World Entertainment announced today that it has entered into a definitive Asset Purchase Agreement with a subsidiary of Sunrise Records and Entertainment, the parent of Sunrise Records in Canada and HMV Records in the United Kingdom, to sell substantially all of the assets of the Company's wholly owned subsidiary, Record Town, for $10M in cash, subject to a net inventory and other adjustments, plus the assumption of certain liabilities. The Transaction follows a process in which the Company's board of directors explored strategic alternatives available to the Company. The Transaction was unanimously approved by the Company's board of directors. The Transaction is expected to close in the first quarter of 2020, subject to the satisfaction or waiver of customary closing conditions set forth in the purchase agreement, including the receipt of certain third party consents and the approval by at least two-thirds of the Company's stockholders. The Company will call and hold a stockholders' meeting seeking to obtain this approval. The Company will continue to operate its business in the ordinary course until the Transaction closes, and thereafter Sunrise anticipates keeping substantially all of the current FYE employees. Following the closing, the Company plans to focus on the operation of its wholly owned subsidiary, etailz, Inc.

Over a quarter ago
Hot Stocks
Trans World appoints Kunal Chopra as CEO of etailz » 07:36
07/10/19
07/10
07:36
07/10/19
07:36
TWMC

Trans World

$0.28 /

-0.0055 (-1.91%)

Trans World Entertainment…

Trans World Entertainment Corporation announced that Kunal Chopra has been named CEO of etailz, reporting directly to Mike Feurer, CEO of Trans World. In his new role, Chopra will be responsible for the operations and performance of etailz. Kunal brings over 15 years of executive experience with companies such as Microsoft, Amazon, and Groupon.

Hot Stocks
Trans World comments on Higgin's preliminary proxy statement » 18:03
05/28/19
05/28
18:03
05/28/19
18:03
TWMC

Trans World

$0.34 /

-0.0062 (-1.77%)

Trans World Entertainment…

Trans World Entertainment Corporation issued the following statement regarding Mark R. Higgins' preliminary proxy statement: "The Company's Board of Directors and management are deeply committed to enhancing value for all shareholders and overseeing the Company's strategy. Our Board is comprised of six highly qualified directors who bring expansive experience concerning retail operations, accounting and finance, management and leadership, risk assessment and corporate governance. Specifically, the Board has extensive knowledge of the challenges faced by the Company in the turbulent physical retail and physical media industries, and has been instrumental in identifying opportunities to improve results. The Board recognizes the importance of having the right mix of skills, expertise and experience to effectively oversee the Company and regularly reviews the Board's composition and its refreshment to ensure alignment with the interests of shareholders. In the fye segment, over the past four years, the Company has changed its merchandise point of view based on unique, relevant, collaborative and exclusive merchandise. These efforts have been well received by our customers and will drive the continued reinvention of the fye brand throughout 2019. These changes have resulted in an increase in contribution from our lifestyle categories to 55% of revenue in 2018 as compared to 25% in 2014. In the etailz segment, during fiscal 2018, the Company implemented strategic initiatives, operational efficiencies and other considerations directed towards improving the segment's performance, operations, and cash flow. In the first quarter ended May 4, 2019, we saw the benefits of the strategic initiatives, highlighted by improved gross margins, lower SG&A expenses and improved supply chain efficiency. As a result of these initiatives in etailz and disciplined inventory management in the fye segment, we were able to reduce cash used in operations by over $10 million for the first quarter as compared to the first quarter of 2018. The Company is committed to taking steps to improve operating results as management diligently executes its strategy to deliver value for shareholders. The Company's shareholders are not required to take any action at this time. The Board will present its formal recommendation regarding director nominations in the Company's proxy materials that will be filed with the SEC and mailed-including a WHITE proxy card-to shareholders eligible to vote at the 2019 Annual Meeting."

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