UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
(Rule 13d-102)
Information to be Included in Statements Filed
Pursuant to Rule 13d-1(b), (c) and (d) and
Amendments Thereto Filed Pursuant to Rule 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
TRANS WORLD ENTERTAINMENT CORPORATION
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
89336Q100
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(CUSIP Number)
Glenn J. Cocchiola, Esq.
Cocchiola & Garelick, P.C.
1128 Route 31 North
Echo Hill Plaza
Lebanon, NJ 08833
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(Name, Address and Telephone Number of Person
authorized to Receive Notices and Communications)
March 7, 2000
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(Date of Event which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[x] Rule 13d-1(d)
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13G
CUSIP No. 89336Q100 Page 2 of 7 Pages
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above person (entities only)
Intermarket Corp.
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [ ]
3 SEC Use Only
4 Citizenship or Place of Organization
NY
5 Sole Voting Power
Number of
Shares
Beneficially 6 Shared Voting Power
Owned by
2,444,231
Each
7 Sole Dispositive Power
Reporting
Person
With 8 Shared Dispositive Power
2,444,231
9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,444,231
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11 Percent of Class Represented by Amount in Row (9)
4.6%
12 Type of Reporting Person (See Instructions)
CO
<PAGE>
SCHEDULE 13G
CUSIP No. 89336Q100 Page 3 of 7 Pages
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above person (entities only)
Fernwood Associates, L.P.
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [ ]
3 SEC Use Only
4 Citizenship or Place of Organization
DE
5 Sole Voting Power
Number of
Shares
Beneficially 6 Shared Voting Power
Owned by
972,144
Each
7 Sole Dispositive Power
Reporting
Person
With 8 Shared Dispositive Power
972,144
9 Aggregate Amount Beneficially Owned by Each Reporting Person
972,144
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11 Percent of Class Represented by Amount in Row (9)
1.8%
12 Type of Reporting Person (See Instructions)
PN
<PAGE>
SCHEDULE 13G
CUSIP No. 89336Q100 Page 4 of 7 Pages
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above person (entities only)
Fernwood Restructurings, Ltd.
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [ ]
3 SEC Use Only
4 Citizenship or Place of Organization
British Virgin Islands
5 Sole Voting Power
Number of
Shares
Beneficially 6 Shared Voting Power
Owned by
1,401,407
Each
7 Sole Dispositive Power
Reporting
Person
With 8 Shared Dispositive Power
1,401,407
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,401,407
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11 Percent of Class Represented by Amount in Row (9)
2.6%
12 Type of Reporting Person (See Instructions)
CO
<PAGE>
SCHEDULE 13G
CUSIP No. 89336Q100 Page 5 of 7 Pages
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1. Name of Reporting Persons
I.R.S. Identification Nos. of above person (entities only)
Fernwood Foundation Fund, L.P.
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [ ]
3 SEC Use Only
4 Citizenship or Place of Organization
DE
5 Sole Voting Power
Number of
Shares
Beneficially 6 Shared Voting Power
Owned by
70,680
Each
7 Sole Dispositive Power
Reporting
Person
With 8 Shared Dispositive Power
70,680
9 Aggregate Amount Beneficially Owned by Each Reporting Person
70,680
10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11 Percent of Class Represented by Amount in Row (9)
.13%
12 Type of Reporting Person (See Instructions)
PN
<PAGE>
CUSIP No. 89336Q100 Page 6 of 7 Pages
Item 1(a) Name of Issuer.
Trans World Entertainment Corporation
Item 1(b) Address of Issuer's Principal Executive Offices:
38 Corporate Circle, Albany, New York, 12203
Item 2(a) Name of Person Filing:
Intermarket Corp. ("Intermarket"), Fernwood Associates, L.P.
("Associates"), Fernwood Restructurings, Limited ("Restructurings"),
and Fernwood Foundation Fund, L.P. (the "Fund"). Intermarket,
Associates, Restructurings and the Fund are collectively referred to
herein as the "Reporting Persons".
Item 2(b) Address of Principal Business Office or, if none, Residence:
Intermarket: 667 Madison Avenue, New York, New York 10021
Associates: 667 Madison Avenue, New York, New York 10021
Restructurings: Palm Chambers, P.O. Box 119, Road Town, Tortola,
British Virgin Islands
Fund: 667 Madison Avenue, New York, New York 10021
Item 2(c): Citizenship
Intermarket: New York corporation
Associates: Delaware limited partnership
Restructurings: British Virgin Islands company
Fund: Delaware limited partnership
Item 2(d): Title of Class of Securities:
Common Stock, par value $.01 per share
Item 2(e): CUSIP Number
89336Q100.
Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [] Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) [] Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c).
(c) [] Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C. 78c).
(d) [] Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) [] An investment adviser in accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f) [] An employee benefit plan or endowment fund in
accordance withss.240.13d-1(b)(1)(ii)(F);
(g) [] A parent holding company or control person in
accordance withss.240. 13d-1(b)(1)(ii)(G);
(h) [] A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [] A church plan that is excluded from the definition of
an investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [] Group, in accordance withss.240.13d-1(b)(1)(ii)(J).
Not Applicable
<PAGE>
CUSIP No. 89336Q100 Page 7 of 7 Pages
Item 4. Ownership
(a) Amount beneficially owned: 2,444,231 shares of Common Stock
(b) Percent of class: 4.6%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote 2,444,231 shares.
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of
2,444,231 shares.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ X].
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
See Attachment A
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
Not applicable
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
INTERMARKET CORP.
By:/s/ David B. Forer
--------------------------------
(Signature)
David B. Forer, Managing Director
--------------------------------
(Name/Title)
FERNWOOD ASSOCIATES, L.P.
By:/s/ David B. Forer
--------------------------------
(Signature)
David B. Forer, General Partner
--------------------------------
(Name/Title)
FERNWOOD RESTRUCTURINGS, LIMITED
By:/s/ David B. Forer
--------------------------------
(Signature)
David B. Forer, Director
--------------------------------
(Name/Title)
FERNWOOD FOUNDATION FUND, L.P.
By:/s/ David B. Forer
--------------------------------
(Signature)
David B. Forer, General Partner
---------------------------------
(Name/Title)
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
<PAGE>
Attachment A
Intermarket Corporation
Lionel Goldfrank III (1) President
Ian R. MacKenzie (1) Vice President
Thomas P. Borger (1) Vice President
David B. Forer (1) Vice President
Fernwood Associates, L.P.
Fernwood Foundation Fund, L.P.
- - ------------------------------
Lionel Goldfrank III (1)(2)
Ian R. MacKenzie (1)(2)
Thomas P. Borger (1)(2)
David B. Forer (1)(2)
Fernwood Restructurings, Ltd.
- - -----------------------------
Ian R. MacKenzie (1)(2)
David B. Forer (1)(2)
Lionel Goldfrank III (1)(2)
Ian D. Fair (Bahamian Citizen)
Chairman of MeesPierson (Bahamas) Limited
(Administrator of Fernwood Restructurings)
404 E. Bay St.
Windermere House, P.O. Box SS 5539
Nassau, Bahamas
Jacques Bouteiller (French Citizen)
Retired
1 rue de L'Aigle
Compienge, France
Steven Carey (Bahamian Citizen)
Deputy General Manager of MeesPierson (Bahamas) Limited and Manager of Trust
404 E. Bay St.
Windermere House, P.O. Box SS 5539
Nassau, Bahamas
Joan L. Thompson (Bahamian Citizen)
Manager Corporate Secretarial of MeesPierson
404 E. Bay Street
Windermere House, P.O. Box SS 5539
Nassau, Bahamas
(1) Messrs. Goldfrank, MacKenzie, Borger and Forer each has as his business
address, the address of Intermarket Corporation. Each of them is a U.S.
citizen.
(2) Messrs. Goldfrank, MacKenzie, Borger and Forer each has as his principal
occupation or employment, the position with Intermarket Corporation listed
above.
