<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 8, 1997
---------------
TRANS WORLD ENTERTAINMENT CORPORATION
-------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK 0-14818 14-1541629
-------- ------- ----------
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification Number)
38 Corporate Circle, Albany, New York 12203
------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 452-1242
--------------
N/A
---
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
- ------- -------------
The registrant announced that on October 8, 1997, it closed on the acquisition
of Strawberries, a privately-held specialty retailer of pre-recorded music and
video. The Company acquired substantially all of Strawberries' assets,
including merchandise inventory, fixed and other assets. The Company will
operate Strawberries stores at 90 freestanding and strip center locations
which are primarily located in the New England and Washington, D.C. markets.
The registrant published a series of press releases announcing the progress of
the acquisition, the full text of which are filed as Exhibits 99.1, 99.2 and
99.3 hereto.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
c) Exhibits Page No.
-------- --------
99.1 Press release, dated August 8, 1997 issued
by Trans World Entertainment Corporation
99.2 Press release, dated October 1, 1997 issued
by Trans World Entertainment Corporation
99.3 Press release, dated October 9, 1997 issued
by Trans World Entertainment Corporation
SIGNATURES
----------
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRANS WORLD ENTERTAINMENT CORPORATION
October 13, 1997 By: /s/ ROBERT J. HIGGINS
-------------------------
Robert J. Higgins
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
October 13, 1997 By: /s/ JOHN J. SULLIVAN
------------------------
John J. Sullivan
Senior Vice President-Finance
and Chief Financial Officer
(Principal Financial Officer)
______________________________________________________________________________
TRANS WORLD ENTERTAINMENT CORPORATION
**** NEWS RELEASE ****
______________________________________________________________________________
MWW/Strategic Communications, Inc.
Public Relations (201) 507-9500
Media Contact: Michael Kempner - [email protected]
Rob Swadosh - [email protected]
Investor Contact: Robert Ferris - [email protected]
FOR IMMEDIATE RELEASE
---------------------
TRANS WORLD ENTERTAINMENT SIGNS LETTER OF INTENT TO
ACQUIRE STRAWBERRIES INC.
Albany, NY, August 4, 1997 -- Trans World Entertainment Corporation
(Nasdaq National Market: TWMC) today announced that it signed a letter of
intent to acquire substantially all of the assets of Strawberries Inc., a
privately-held retailer of pre-recorded music and video based in Milford,
MA. Strawberries operates 118 freestanding and strip center locations
primarily located in the New England and Washington, DC markets. Final
closing of the acquisition is subject to the approval of the U.S. District
Court, the Boards of Trans World Entertainment and Strawberries as well as
further due diligence and signing of a definitive agreement. Robert J.
Higgins, Chairman, Chief Executive Officer and President of Trans World
commented, "The acquisition of Strawberries, with its concentrated
non-mall store format, offers Trans World additional opportunities to add
value to our existing portfolio of stores, enhance overall operating
performance and further strengthen our position within the industry."
Trans World Entertainment operates 468 retail stores in malls,
freestanding and strip center locations under several names, including
Record Town, Coconuts Music and Movies, Saturday Matinee and F.Y.E.
Certain statements in this report set forth management's intentions, plans,
beliefs, expectations or predictions of the future based on current facts and
analyses. Actual results may differ materially from those indicated in such
statements. Additional information on factors that may affect the business
and financial results of the Company can be found in filings of the Company
with the Securities and Exchange Commission.
# # #
______________________________________________________________________________
TRANS WORLD ENTERTAINMENT CORPORATION
**** NEWS RELEASE ****
______________________________________________________________________________
MWW/Strategic Communications, Inc.
Public Relations (201) 507-9500
Media Contact: Michael Kempner - [email protected]
Rob Swadosh - [email protected]
Investor Contact: Robert Ferris - [email protected]
U.S. DISTRICT COURT APPROVES ACQUISITION OF STRAWBERRIES INC.
BY TRANS WORLD ENTERTAINMENT CORPORATION
ACQUISITION EXPECTED TO CLOSE BY MID-OCTOBER
Albany, NY, October 1, 1997 -- Trans World Entertainment Corporation
(Nasdaq National Market: TWMC) today announced it has received U.S.
District Court approval to acquire substantially all of the assets of
Strawberries Inc., a privately-held retailer of pre-recorded music and
video. The Company expects to close on the acquisition by mid-October.
Strawberries Inc. currently operates 102 freestanding and strip center
locations primarily located in the New England and Washington, D.C.
markets.
Robert J. Higgins, Chairman, Chief Executive Officer and
President of Trans World commented, "We are extremely pleased with the
Court's decision to approve our purchase offer to acquire Strawberries
Inc. The acquisition adds an established base of non-mall music stores to
our existing core of freestanding and strip center locations.
Additionally, Strawberries' concentration within the New England states
enhances our position as the dominant music and video retailer throughout
the northeast." Trans World Entertainment operates 461 retail stores in
malls, freestanding and strip center locations under several names,
including Coconuts Music and Movies, Record Town, Saturday Matinee and
F.Y.E.
Certain statements in this report set forth management's intentions, plans,
beliefs, expectations or predictions of the future based on current facts and
analyses. Actual results may differ materially from those indicated in such
statements. Additional information on factors that may affect the business
and financial results of the Company can be found in filings of the Company
with the Securities and Exchange Commission.
# # #
______________________________________________________________________________
TRANS WORLD ENTERTAINMENT CORPORATION
**** NEWS RELEASE ****
______________________________________________________________________________
MWW/Strategic Communications, Inc.
Public Relations (201) 507-9500
Media Contact: Michael Kempner - [email protected]
Rob Swadosh - [email protected]
Investor Contact: Robert Ferris - [email protected]
TRANS WORLD ENTERTAINMENT CORPORATION CLOSES ON
ACQUISITION OF THE STRAWBERRIES CHAIN
Acquires 90 Freestanding and Strip Center Locations
Albany, NY, October 9, 1997 -- Trans World Entertainment Corporation
(Nasdaq National Market: TWMC) today announced the closing of its
acquisition of Strawberries, a privately-held retailer of pre-recorded
music and video. The Company acquired substantially all of Strawberries'
assets, including merchandise inventory, fixed and other assets. The
Company will operate Strawberries' at 90 freestanding and strip center
locations which are primarily located in the New England and Washington,
D.C. markets.
Robert J. Higgins, Chairman, Chief Executive Officer and President of
Trans World commented, "The acquisition of the Strawberries chain
represents a logical progression in our overall growth strategy,
significantly increasing our market share in the Northeast."
Trans World Entertainment operates 461 retail stores in malls,
freestanding and strip center locations under several names, including
Coconuts Music and Movies, Record Town, Saturday Matinee and F.Y.E.
Additionally, the Company now operates 90 freestanding and strip center
locations under the Strawberries and Waxie/Maxie names.
Certain statements in this report set forth management's intentions, plans,
beliefs, expectations or predictions of the future based on current facts and
analyses. Actual results may differ materially from those indicated in such
statements. Additional information on factors that may affect the business
and financial results of the Company can be found in filings of the Company
with the Securities and Exchange Commission.
# # #
