Six of nation's largest music retailers plan to announce that they are joining forces to sell music that can be downloaded from Web; Best Buy, Tower Records, Virgin Entertainment Group, Wherehouse Entertainment, Hastings Entertainment and Trans World Entertainment unite to create service called Echo; music sellers search for new revenue sources to compensate for two-year decline in compact disc sales M. Trans World Entertainment Corp will rename its mall-based stores, which operate under several names; company says its Record Town, Camelot, The Wall, Disc Jockey and other stores will be given name 'fye,' shorthand for 'for your entertainment'; free-standing Coconuts, Strawberries and Specs stores will not be affected S. Latest Search Search. Clear this text input. Retailers Said to Unite to Sell Music Online Six of nation's largest music retailers plan to announce that they are joining forces to sell music that can be downloaded from Web; Best Buy, Tower Records, Virgin Entertainment Group, Wherehouse Entertainment, Hastings Entertainment and Trans World Entertainment unite to create service called Echo; music sellers search for new revenue sources to compensate for two-year decline in compact disc sales M By Laura M.
Submit an Anonymous Company Review. Exclusive merchandise We bridge the gap between our customers and their favorite celebrities, musicians, and pop culture icons. Thomson Reuters StreetEvents. Recognizing that the market was probably oversaturated with retail music Trans world music corporation stores video stores and that something drastic had to be done to turn Trans World around, Higgins announced on February 2,that Trans World would close stores. Trans World Entertainment Corporation gale. Health Care Management. Currency in USD. How we reward loyalty We work hard to foster a genuine connection with our customers.
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They are unorganized, they codporation except doctor notes even if your pregnant. Re: Some tokens i have found the past months They get your heart pumping though when your digging them out! Sort by: Helpfulness Rating Date. Careers Find your next opportunity. Trans World Entertainment is constantly adapting and changing. Absent management oversight. Overall rating 3. Camelot Music Inc. Terrible Management. The New York Times.
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Trans World Entertainment Corporation is one of the largest specialty music and video-store chains in the United States.
It sells compact discs, prerecorded audio cassettes, prerecorded videocassettes, and related merchandise in both mall outlets and stand-alone stores. It also owns stores under the name F. For Your Entertainment. Originally incorporated as Trans World Music Corporation, the company in changed its name to Trans World Entertainment Corporation to more adequately reflect the various markets in which it participates. The following year Higgins and Trans World made another important foray into the retail field: recognizing that Americans were spending a great deal of time and money in malls, Trans World opened the first of many Record Town mall locations.
Then, in , the company made a further commitment to the malls, opening its first specialty mall store under the name Tape World, selling prerecorded music tapes rather than records.
One of the presiding factors in the decision to open the Tape World stores — and in its eventual success — was that tapes were much smaller than records, allowing Tape World to fit more music titles into a smaller, less-expensive space. That year the success of Record Town and Tape World encouraged Trans World to sell its wholesale business and to begin an aggressive expansion of its retail stores.
Higgins, president and chief executive officer, retained the majority of Trans World shares and also served as chairman of the board of directors. Trans World continued rapid expansion throughout the s and early s, mostly by opening stand-alone and mall stores associated with the company but also through acquisition of retail outlets.
Paul area. Peaches had given Trans World a license to use its trademark, but when the license expired in August , Trans World continued to use the trademark in three states. In part because of the costs of its continued rapid expansion, the early s saw declining profits for Trans World.
Trans World had announced a plan in July to make a public offering of one million shares, , of which were owned by Higgins and , by the company.
In music companies attempted to discourage stores from this practice by establishing the Minimum Advertised Pricing MAP policies, which threatened to withhold marketing allowances to retailers that sold their product below MAP prices. But retailers seemed to ignore the MAP policies until it became apparent that their loss-leader practices were not helping their sales. Recognizing that the market was probably oversaturated with retail music and video stores and that something drastic had to be done to turn Trans World around, Higgins announced on February 2, , that Trans World would close stores.
The move was to eliminate poor-performing stores and concentrate on a core group of productive stores. Though Trans World closed outlets during the year more than the initially announced , sales declined only 3. For Your Entertainment store in Trumbull, Connecticut. Also important to the success of F.
The influence of children was particularly strong in the sales of movie videos. In Aladdin, also by the Walt Disney Company, outperformed Beauty and the Beast, becoming the best-selling video ever. Following Aladdin as top sellers for were Pinocchio, Free Willy, and Homeward Bound, all movies with children as the targeted audience. Recognizing this trend, Trans World Music made several moves in to take advantage of this huge source of sales.
In their new F. Trans World agreed to supply the music and video products to the giant stores, some of which occupied nearly , square feet of retail space, of which 10, square feet on average was devoted to the music and video departments.
Trans World hoped that the joint venture with Incredible Universe would provide a broader customer base with a lower capital investment, thus lowering overhead and start-up costs and increasing profitability.
Though initial response to the Incredible Universe stores had been positive, performance over a longer period was lackluster.
In , in an effort to increase plunging profits, Incredible Universe announced plans to promote Coconuts, Record Town, or F. But it was already too late. In late Tandy Corporation announced that all its Incredible Universe stores were to be closed or sold. Once Trans World began to see consistently positive results from its restructuring, Higgins began again to turn his sights toward growth and expanding market share.
Though Trans World was to close another 37 stores in , it was also planning to open 70 new stores, 40 of which would be relocations. Meanwhile, Higgins and John Sullivan, the chief financial officer, began to talk publicly about acquiring another company. A few companies that did not respond well to sluggish sales and market oversaturation in the s — especially those that had filed for bankruptcy — seemed ripe for takeover. We will only acquire profitable stores and save them [with] economies of distribution.
The closing of hundreds of stores across the industry also made it possible for Trans World to expand again without falling into the same trap it had in the early s. The company could rapidly pick up market share with relatively slow openings of new stores in strong sales areas and by making a few strategic acquisitions.
The new refinancing agreement was reached with Congress Financial Corporation, a CoreStates Company, at interest rates averaging below the prime rate. The loans were initially made to finance store openings and relocations. The waivers had included agreements to pay higher interest rates. A majority shareholder with slightly more than 50 percent of shares, he continued to have a vested interest in the company performing well.
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Then, copy and paste the text into your bibliography or works cited list. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia. Trans World Entertainment Corporation is one of the country's largest specialty music retailers. Through such retail chains as F. For Your Entertainment , Spec's Music, and Camelot Music, the company sells compact discs, prerecorded audio cassettes, prerecorded videocassettes, and related merchandise in both mall outlets and stand-alone stores.
In , the company acquired the financially beleaguered Wherehouse Entertainment. Trans World also operates a successful online shopping presence on the Web. Originally a wholesale music distributor, Trans World was headquartered in Albany primarily because Higgins, a native of Albany, recognized the city's advantage of having easy access to both the Northeast and Mid-Atlantic markets.
Although Trans World initially entered the profitable wholesale prerecorded music business, it did not take long for the company to take advantage of Higgins's experience and knowledge of the industry as a whole, and in it opened its first retail operation under the name Record Town.
At the time, most of Trans World's stores were clustered on the East Coast, but the expansion would eventually spread the company's stores throughout the United States. Trans World's rapid expansion eventually contributed to an oversaturation of the music and video retail market, and by company profits began to erode. The charge put a dent in profits for , but Higgins said of the award: "We are happy to get this non-operating issue behind us so that we can turn our management focus back to.
These problems were reflected in the company's stock. Part of the reason for the company's poor returns was the increasing competition from stores such as Best Buy Co.
Billed in company literature as "larger than life, bigger than anyone had imagined, with more store, more product, more of everything the customer wants," F. For example, the Walt Disney Company's Beauty and the Beast was not only the best-selling video of but the best-selling video ever.
In Aladdin , also by the Walt Disney Company, outperformed Beauty and the Beast , becoming the best-selling video ever. Following Aladdin as top sellers for were Pinocchio , Free Willy , and Homeward Bound , all movies with children as the targeted audience. Within the Saturday Matinee stores, a special section called Kids' Matinee was designed; called a "store within a store" by Trans World, Kids' Matinee offered similar merchandise as that found in their F. Generating a competitive return on investment for shareholders is Trans World Entertainment's foremost responsibility, and this is the principal goal that guides the board of directors and the entire management team.
In , when the Tandy Corporation was packaging its Incredible Universe electronic superstores, it turned to Trans World to supply the "soft" goods, such as compact discs and prerecorded videotapes, to accompany Tandy's electronic "hard" goods, such as compact discs and VCRs. Adding to Trans World's good news, the company announced a new debt agreement to shareholders on June 5, Although Trans World prospered in the late s, many music stores did not do as well in the new, more competitive market.
Increased competition in the business by home electronics marketers such as Best Buy drove many music specialty stores into bankruptcy. One of these was the Columbus, Ohio -based store Camelot Music.
However, the acquisition of Camelot proved to be a drag on Trans World's profits for a number of years. By the end of , the stores that came with the purchase of the Ohio company still were losing money, with sales down 4 percent compared to those of the previous year. Part of the reason for this loss was due to the fact that Camelot had less inventory on hand than had been thought at the time of the sale. In addition, in Trans World was hit with the results of a federal investigation into a tax fraud that Camelot participated in between and Despite the setbacks posed by its troubles with the Camelot acquisition, Trans World continued to expand in the early years of the 21st century.
In spite of the fact that music sales continued to drop industry-wide through , Trans World profited through sales of DVDs and video games. Although CDs and other music-delivery systems made up 64 percent of total sales — and thus still constituted Trans World's core business — sales of movies in electronic format and the gaming industry jumped 30 percent and 64 percent respectively. Still more difficulties awaited the Albany, New York -based music retailer in One of its major suppliers of listening technology, Full-Play Media Systems, contracted with Best Buy to produce listening stations for use in Best Buy stores.
Trans World claimed that Full-Play's action constituted a breach of contract, and the corporation sued the technology manufacturer to prevent the Best Buy deal. C23 — Furfaro, Danielle T.
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Trans World Entertainment - Wikipedia
Latest Trade. Today's Range. Key Developments. Key Metrics. All Listings. Trans World Entertainment Corporation is a specialty retailer of entertainment products, including trend, video, music, electronics and related products. The Company operates a chain of retail entertainment stores and e-commerce sites, www. It owns interest in Record Town, Inc. It operates over mall-based stores under the For Your Entertainment f. The Company operates over mall-based f.
It operates over nine video-only stores under the Suncoast Motion Pictures brand, which specialize in the sale of video and related product. It operates approximately 30 freestanding stores under the f. Retail Specialty. Contact Info. Executive Leadership. Michael B. Independent Chairman of the Board. Michael Feurer. Chief Executive Officer, Director.
Edwin J Sapienza. Chief Financial Officer. Bruce J. Executive Vice President - Real Estate. Michael Reickert. New Stories. The long-planned and much derided Trans-Korea gas pipeline project is back on the agenda, buoyed by hopes North and South Korea can make peace. Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.
Latest Trade 4. Change -- Pricing Previous Close. Today's High. Today's Low. Shares Out MIL. Market Cap MIL. Latest Developments More. About Trans World Entertainment Corporation Trans World Entertainment Corporation is a specialty retailer of entertainment products, including trend, video, music, electronics and related products.
Industry Retail Specialty. Contact Info 38 Corporate Cir. Executive Leadership Michael B. Solow Independent Chairman of the Board. Michael Reickert Director. Return on Investment TTM. Return on Equity TTM. Latest News Latest News. Trans-Korea gas pipeline project reappears, but challenges remain The long-planned and much derided Trans-Korea gas pipeline project is back on the agenda, buoyed by hopes North and South Korea can make peace.