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. )*
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)
April 22, 1999
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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).
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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.
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ x ]
(b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
NY
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5 Sole Voting Power
Number of
Shares
----------------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by
2,944,231
Each
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7 Sole Dispositive Power
Reporting
Person
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With 8 Shared Dispositive Power
2,944,231
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,944,231
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
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11 Percent of Class Represented by Amount in Row (9)
5.7%
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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.
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ x ]
(b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
DE
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5 Sole Voting Power
Number of
Shares
----------------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by
1,187,144
Each
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7 Sole Dispositive Power
Reporting
Person
----------------------------------------------------------
With 8 Shared Dispositive Power
1,187,144
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,187,144
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
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11 Percent of Class Represented by Amount in Row (9)
2.3%
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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.
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ x ]
(b) [ ]
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3 SEC Use Only
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4 Citizenship or Place of Organization
British Virgin Islands
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5 Sole Voting Power
Number of
Shares
----------------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by
1,686,407
Each
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7 Sole Dispositive Power
Reporting
Person
----------------------------------------------------------
With 8 Shared Dispositive Power
1,686,407
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,686,407
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
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11 Percent of Class Represented by Amount in Row (9)
3.2%
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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.
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2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ x ]
(b) [ ]
3 SEC Use Only
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4 Citizenship or Place of Organization
DE
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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
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9 Aggregate Amount Beneficially Owned by Each Reporting Person
70,680
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10 Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
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11 Percent of Class Represented by Amount in Row (9)
.14%
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12 Type of Reporting Person (See Instructions)
PN
<PAGE>
CUSIP No. 89336Q100 Page 6 of 7 Pages
Item 1. Name and Address of Issuer.
This Statement on Schedule 13G relates to the Common Stock, par value $.01 per
share (the "Common Stock"), of Trans World Entertainment Corporation (the
"Issuer"). The principal executive offices of the Issuer are located at 38
Corporate Circle, Albany, New York, 12203.
Item 2. Identity and Background.
This Schedule 13G is filed on behalf of 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".
Intermarket is a New York corporation having its principal place of business at
667 Madison Avenue, New York, New York 10021. Intermarket's principal business
is providing investment management services to corporations and acting as a
general partner of investment partnerships. Set forth on Attachment A attached
hereto is a listing of the directors and executive officers of Intermarket,
their address, present position with Intermarket (which is the principal
occupation or employment of each of them) and citizenship. The executive
officers of Intermarket constitute all of its shareholders and no shareholder
has absolute control. No other person directly or indirectly controls
Intermarket.
Associates is a Delaware limited partnership having its principal place of
business at 667 Madison Avenue, New York, New York 10021. Its principal business
is investment management. Set forth on Attachment A attached hereto is a listing
of the general partners of Associates, their address, principal occupation or
employment and the name, principal business and address of any corporation or
other organization in which such employment is conducted, and citizenship. No
person other than those listed on Attachment A directly or indirectly controls
Associates.
Restructurings is an open-ended British Virgin Islands Company having its
principal place of business at Palm Chambers, P.O. Box 119, Road Town, Tortola,
British Virgin Islands. Its principal business is investment management. Set
forth on Attachment A attached hereto is a listing of the directors of
Restructurings, their address, principal occupation or employment and the name,
principal business and address of any corporation or other organization in which
such employment is conducted, and citizenship. No person other than those listed
on Attachment A directly or indirectly controls Restructurings.
The Fund is a Delaware limited partnership having its principal place of
business at 667 Madison Avenue, New York, New York 10021. Its principal business
is investment management. Set forth on Attachment A attached hereto is a listing
of the general partners of the Fund, their address, principal occupation or
employment and the name, principal business and address of any corporation or
other organization in which such employment is conducted, and citizenship. No
person other than those listed on Attachment A directly or indirectly controls
the Fund.
This Statement on Schedule 13G relates to the Issuer's Common Stock, par value
$.01 per share. The CUSIP Number of the Issuer is: 89336Q100.
Item 3. If this statement is filed pursuant to Section 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 Section
240.13d-1(b)(1)(ii)(E);
(f)[] An employee benefit plan or endowment fund in accordance with
Section 240.13d-1(b)(1)(ii)(F);
(g)[] A parent holding company or control person in accordance with
Section 240. 13d-1(b)(1)(ii)(G);
(h)[] A savings associations 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 with Section 240.13d-1(b)(1)(ii)(J).
Not Applicable
CUSIP No. 89336Q100 Page 7 of 7 Pages
Item 4. Ownership
(a) Amount beneficially owned: 2,944,231 shares of Common Stock
(b) Percent of class: 5.7%
(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 2,944,231 shares.
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition of 2,944,231
shares.
Item 5. Ownership of Five Percent of Less of a Class
Not applicable.
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
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant to any transaction
having the purpose or effect.
<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
----------------------------------
David B. Forer
Managing Director
FERNWOOD ASSOCIATES, L.P.
By:/s/David B. Forer
----------------------------------
General Partner
FERNWOOD RESTRUCTURINGS, LIMITED
By:/s/David B. Forer
----------------------------------
Director
FERNWOOD FOUNDATION FUND, L.P.
By:/s/David B. Forer
----------------------------------
General Partner
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
<PAGE>
Attachment A
Intermarket Corporation
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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.
