Trans World Entertainment Corporation Announces Closing of the Sale of its FYE Segment and Entry into a Credit Facility for its etailz Segment
TRANS WORLD ENTERTAINMENT (TWMC)
US:NASDAQ Investor Relations:
twec.com
Company Research
Source: GlobeNewswire
ALBANY, N.Y., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Trans World Entertainment (Nasdaq – TWMC, “TWEC” or the “Company”) announced today that it has closed the previously-announced sale of substantially all of the assets constituting its For Your Entertainment (“FYE”) segment to a subsidiary of Sunrise Records and Entertainment Ltd. (“Sunrise”), the parent of Sunrise Records in Canada and HMV Records in the United Kingdom, for $10 million in cash, subject to net inventory and other adjustments, plus the assumption of certain liabilities (the “Transaction”). The Transaction was unanimously approved by the Company’s board of directors on January 23, 2020, and was approved by more than two-thirds of the Company’s shareholders at a special shareholders meeting held on February 17, 2020. All of the proceeds from the Transaction were used to repay outstanding indebtedness and to satisfy other unassumed liabilities. Going forward, the Company plans to focus on the operation of its wholly ow
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