Trans World Entertainment

Last updated
Trans World Entertainment Corporation
Public
Traded as NASDAQ:  TWMC
Russell Microcap Index component
Industry Retail
FoundedDecember 1972;46 years ago (1972-12)
FounderRobert Higgins
Headquarters Albany, New York, U.S.
Products CD, Blu-ray, and DVD stores
Subsidiaries Suncoast Motion Picture Company
f.y.e.
Website twec.com

Trans World Entertainment Corporation is an American company which operates entertainment media retail stores across the United States of America. 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. [1]

Shopping mall Complex of shops with interconnecting walkways

A shopping mall is a modern, chiefly North American, term for a form of shopping precinct or shopping center in which one or more buildings form a complex of shops with interconnecting walkways, usually indoors. In 2017, shopping malls accounted for 8% of retailing space in the United States.

Contents

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.

Albany, New York Capital of New York

Albany is the capital of the U.S. state of New York and the seat of Albany County. Albany is located on the west bank of the Hudson River approximately 10 miles (16 km) south of its confluence with the Mohawk River and approximately 135 miles (220 km) north of New York City.

Morris Levy American music executive

Morris Levy was an American mobster, jazz club, music publishing, and independent record industry entrepreneur, widely known as the founder and owner of Roulette Records and the owner of the Birdland jazz club and the Roulette Room.

Camelot Music was a leading mall-based retailer of prerecorded music and accessories and was one of the largest music retailers in the United States based on store count.

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. [2]

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. [3] It is estimated that between 1995 and 2000 customers were overcharged by nearly $500 million and up to $5 per album. [4]

Between 1995 and 2000 music companies were found to have used illegal marketing agreements such as minimum advertised pricing to artificially inflate prices of compact discs in order to end price wars by discounters such as Best Buy and Target in the early 1990s. It is estimated customers were overcharged by nearly $500 million and up to $5 per album.

The Musicland Group, Inc. was an entertainment company that ran Musicland, Sam Goody, Discount Records, Suncoast Motion Picture Company, OnCue, and the Media Play Superstore Chains. The Musicland Group was purchased by Best Buy in 2001 at the height of Musicland's success, which ultimately led to its demise. Jack Eugster was the CEO of The Musicland Group, from 1980, until February 2001. Its headquarters were in Minneapolis, Minnesota.

In February 2006, Trans World acquired the Musicland Group, which owned Sam Goody, Suncoast Motion Picture Company, and Media Play. The buyout included a handful of On Cue stores.

Sam Goody was a music and entertainment retailer in the United States and United Kingdom, operated by The Musicland Group inc. It was purchased by Best Buy in 2000, sold to Sun Capital in 2003, and filed for bankruptcy in 2006, closing most of its stores. The remaining stores were purchased by Trans World Entertainment which also runs FYE, Saturday Matinee, and Suncoast Motion Picture Company. It specialized in music, video, and video game sales. In 2008 Trans World converted most Sam Goody stores into FYE, though some still operate under the Sam Goody name.

Suncoast Motion Picture Company is an American chain of retail stores specializing in physical media, including DVD and Blu-ray films and television series, evolving over time and previously carrying Betamax, VHS, LaserDisc and HD DVD versions of those works. The stores also carry various other items, including movie-related posters, toys, collectibles, Japanese manga, and snacks such as Pocky and Ramune.

Media Play was a chain of retail stores founded in 1992 by Musicland that sold movies on video, DVDs, music, electronics, video games, books, and games in the United States. Each store essentially contained a book store, a movie store, a music store, and a video game store under one roof. At their height, they operated 72 stores in 19 states with 2,000 employees. The first store opened in Rockford, Illinois, in 1992. Hundreds of stores were slated to be opened, but only 89 ever were. Media Play opened stores from 1992 to 2000.

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. [5]

Profit margin, net margin, net profit margin or net profit ratio is a measure of profitability. It is calculated by finding the net profit as a percentage of the revenue.

Chains

Defunct

Related Research Articles

Best Buy Consumer electronics retailer

Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. It was originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music. In 1983, it was re-branded under its current name with an emphasis placed on consumer electronics.

Tower Records is an international retail music franchise and online music store that was formerly based in Sacramento, California, USA. From 1960 until 2006, Tower operated retail stores in the United States, which closed when Tower Records filed for bankruptcy and liquidation. Tower.com was purchased by a separate entity and was not affected by the retail store closings.

Record shop vendor of music recordings on audio storage like CD, LP record, tape

A record shop or record store is a retail outlet that sells recorded music. In the late 19th century and the early 20th century, record shops only sold gramophone records, but over the 20th century, record shops sold the new formats that were developed, such as eight track tapes, compact cassettes and compact discs (CDs). Today in the 21st century, record stores sell CDs, vinyl records and in some cases, DVDs of movies, TV shows, cartoons and concerts. Some record stores also sell music-related items such as posters of bands or singers and even clothing and items such as bags and coffee mugs.

Horton Plaza Mall shopping mall in San Diego, California

Horton Plaza, not to be confused with its adjacent namesake Horton Plaza Park, is a five-level outdoor shopping mall located in downtown San Diego known for its bright colors, architectural tricks, and odd spatial rhythms. It stands on 6.5 city blocks adjacent to the city's historic Gaslamp Quarter. It was the first successful downtown retail center since the rise of suburban shopping centers decades earlier. Nordstrom closed in 2016, leaving a vacant anchor store. The only current anchor store is Macy's. In August 2018, the property was sold to developer Stockdale Capital Partners, which plans to convert it into an office-retail complex.

Great Northern Mall, is a single-level enclosed shopping mall in North Olmsted, Ohio, a suburb of Cleveland. Its anchor stores are Macy's, Dillard's, Sears, J. C. Penney and Dick's Sporting Goods.

Stratford Square Mall

Stratford Square Mall is a shopping mall that opened on March 9, 1981, in Bloomingdale, Illinois, a northwestern suburb of Chicago. The 1,300,000-square-foot (120,000 m2) mall has three active anchors: Kohl's, Sears,and Burlington Coat Factory. There are also three vacant anchors, last occupied by JCPenney, Carson's, and Macy's.

Alexandria Mall is a shopping mall located in Alexandria, Louisiana, United States. It features Dillard's, JCPenney, Conn's, Burlington Coat Factory, and Bed Bath And Beyond as anchor stores.

The Record Bar is a former U.S. retail music/entertainment store chain founded in Durham, NC. The company eventually grew from a single location to 180 stores. One of the largest music retailing chains, it was located primarily in the Southeastern United States. From 1960 until the late 1980s the owners of Record Bar were the Bergman family of Durham, NC. In the mid-to-late 1980s Record Bar began opening large new stores and remodeled Record Bar stores under the Tracks name, to better reflect the changes taking place in retail music merchandising.

Specs Music defunct South Florida-based retail music and video rental chain

Spec's Music was a South Florida-based retail music and video rental chain headquartered in Miami. At its height of popularity, Spec's Music operated 49 stores, including 20,000-square-foot (1,900 m2) "superstores" in Miami Beach, West Palm Beach, and Sunrise. The company's stores were located in malls, strip centers, and free-standing locations throughout Florida. Four of the company's stores were located in malls in Puerto Rico.

FYE (retailer) Entertainment retail store

FYE is an American chain of entertainment retail stores located in Albany. As one of several Trans World Entertainment brands, it began in 1993 and was expanded in 2001 after buying out and rebranding mall-based Camelot, Strawberries, Record Town and Coconuts stores. There are 206 locations as of May, 2019.

Three Rivers Mall

Three Rivers Mall is an enclosed shopping mall located in Kelso, Washington that opened in 1987, on the site of a former golf course, adjacent to Interstate 5. Previously owned by General Growth Properties, the mall was one of 30 malls that was spun off into Rouse Properties in 2012. Rouse was acquired by Brookfield Properties Retail Group in 2016. In July, 2019, Brookfield sold the mall to Arizona-based Three Rivers Village, LLC.

National Record Mart, known as NRM for short, was an American music store chain. The first music store chain in the United States, it was founded in 1937 in Pittsburgh, Pennsylvania, and operated more than 130 locations at its peak. Other stores under its ownership included Oasis, Music X, Waves Music, and Vibes. The chain filed for bankruptcy in 2001 and closed the last of its stores in 2002.

Record World was a record store chain that operated out of many locations in New York during the 1970s and 1980s. It was headquartered in Long Island.

Wherehouse Entertainment, also known as Wherehouse Music and The Wherehouse, was an American retail music franchise.

References

  1. Biz Journals. 2 November, 2018. Retrieved 9 March, 2019
  2. "Trans World Invests In Brick-And-Mortar".
  3. "CD Price Fixing Suit Settled For $143 Million". Billboard. 2002-10-01. Retrieved 2016-04-26.
  4. Stephen Labaton (2000-05-11). "5 Music Companies Settle Federal Case On CD Price-Fixing". The New York Times. Retrieved 2016-04-26.
  5. DeMasi, Michael. "FYE owner Trans World reports first fiscal-year profit since 2006". The Business Review. Retrieved 8 May 2012.
  6. "Record and Tape Traders Towson" . Retrieved 3 December 2018.
  7. "Trans World to buy CD World". The Business Review . September 18, 2003.
  8. Johnson, Greg (September 19, 2003). "Trans World to buy bankrupt CD World". Daily Deal .
  9. 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.Cite uses deprecated parameter |dead-url= (help)
  10. "Trans World absorbs Disc Jockey music chain". The Business Review . October 31, 2000.
  11. "Trans World Entertainment SEC 10-K Annual Report for Fiscal Year Ending February 3, 2001". Securities and Exchange Commission. February 3, 2001.
  12. "Billboard". Nielsen Business Media, Inc. 1985-09-21.
  13. "Groovy old 1970 pic of Tower Records, San Francisco, CSN&Y "Déjà Vu "just released, only $2.88!".
  14. Christman, Ed (December 28, 2002). "Tower Records' Struggle Reflected Industry's Turmoil". Billboard . 114 (52). p. 45. Alternate Link via ProQuest.
  15. Tellijohn, Andrew (May 12, 2002). "On Cue brand will become Sam Goody". Minneapolis St. Paul Business Journal .
  16. 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.
  17. Garrity, Brian & Benz, Matthew (April 13, 2002). "On Cue Rebranding As Sam Goody". Billboard . 114 (15). p. 63. Alternate link via ProQuest.
  18. 1 2 Groves, Martha (1986-06-13). "Record Factory to Sell 23 Stores to Wherehouse". Los Angeles Times.
  19. "Billboard". Nielsen Business Media, Inc. 1977-11-26.
  20. "PUBLIC RECORDS DIRECTORY - Sterling Lanier".
  21. Billboard - Feb 3, 1979 - Vol. 91, No. 5 "Record Factory's parent company. Mighty Fine Distributing. Brisbane, Calif"
  22. "Video Supplier Has New Chief". New York Times . December 31, 1993.
  23. "Partnership Buys Control Of Strawberries Inc". New York Times . September 1, 1994.
  24. "Trans World closes on Strawberries deal". The Business Review . October 9, 1997.
  25. Cuff, Daniel F. (October 25, 1989). "New Strawberries Chief To Expand Music Chain". New York Times .
  26. Snow, Anita (August 22, 1989). "Video Company Chief, Wife Found Fatally Shot In Mansion Home". Associated Press .
  27. "RIP Streetside Records Delmar". Playback STL. December 24, 2007. Archived from the original on December 26, 2007.Cite uses deprecated parameter |dead-url= (help)
  28. Shrubshell, Don (December 6, 2012). "Streetside Records to close next month". Columbia Daily Tribune .
  29. 1 2 Chapman, Francesca (September 23, 1993). "Handwriting On The Wall Wee Three Record Outlet Spinning Into A Bigger Chain". Philadelphia Daily News .
  30. "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.
  31. Kasrel, Deni (December 5, 1997). "Bankrupt buyers woo The Wall. (Camelot Music Inc.)". Philadelphia Business Journal .
  32. Burke, Richard (July 21, 1990). "Wall To Wall Sound Files Petition For Bankruptcy Relief In Phila". Philadelphia Inquirer .
  33. Simmons, Sheila (May 16, 1990). "Wall To Wall Stressing Software". Philadelphia Daily News .
  34. "Articles about Wherehouse by Date - Page 5 - latimes". articles.latimes.com. Retrieved 7 January 2019.
  35. Leeds, Jeff (January 22, 2003). "Wherehouse Files for Chapter 11". Los Angeles Times .
  36. "Wherehouse Music stores' parent files for bankruptcy". St. Louis Business Journal . January 21, 2003.
  37. "Court OKs Purchase of Wherehouse Stores". Los Angeles Times . October 1, 2003.
  38. Christman, Ed (October 11, 2003). "TransWorld Trumps Sun Capital In Its Bid For Wherehouse". Billboard . 115 (41). p. 73. ISSN   0006-2510.
  39. "SecondSpin - Buy and sell used CDs, DVDs, Blu-Ray and Games".