Trans World Entertainment Corporation Announces Agreement to Sell FYE Segment
TRANS WORLD ENTERTAINMENT (TWMC)
US:NASDAQ Investor Relations:
twec.com
Company Research
Source: GlobeNewswire
ALBANY, N.Y., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Trans World Entertainment (Nasdaq – TWMC, “TWEC” or the “Company”) a leading specialty retailer of entertainment and pop culture merchandise with stores in the United States and Puerto Rico, primarily under the name fye, for your entertainment, and on the web at www.fye.com and www.secondspin.com, announced today that it has entered into a definitive Asset Purchase Agreement with a subsidiary of Sunrise Records and Entertainment Ltd. (“Sunrise”), 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, Inc. (the retail, music, film, video and popular business constituting the For Your Entertainment (“FYE”) segment of the Company’s business), for $10 million in cash, subject to a net inventory and other adjustments, plus the assumption of certain liabilities (the “Transaction”). The Transaction follows a process in whi
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