Trans World Entertainment Corporation Announces Shareholder Approval of the Sale of its FYE Segment
TRANS WORLD ENTERTAINMENT (TWMC)
US:NASDAQ Investor Relations:
twec.com
Company Research
Source: GlobeNewswire
ALBANY, N.Y., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Trans World Entertainment (Nasdaq – TWMC, “TWEC” or the “Company”) announced today 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 (“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 a net inventory and other adjustments, plus the assumption of certain liabilities (the “Transaction”). 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 satisf
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