Exhibit 99.1
News release - TWE announces close of the acquisition of Disc Jockey
TRANS WORLD ENTERTAINMENT CORPORATION
Contact: John Sullivan, Chief Financial Officer
(518) 452-1242 ext. 7400
THE MWW GROUP
Investor Relations (212) 704-9727
Contact: Michael Lendener ([email protected])
TRANS WORLD ENTERTAINMENT CORPORATION CLOSES ON
ACQUISITION OF THE DISC JOCKEY CHAIN
ACQUIRES 112 MALL LOCATIONS
Albany, NY, October 31, 2000 - Trans World Entertainment Corporation (Nasdaq
National Market:TWMC) today announced the closing of its acquisition of Disc
Jockey, a privately-held retailer of pre-recorded music and video. The
Company acquired substantially all of Disc Jockey's assets, including
merchandise inventory, fixed and other assets. The Company will operate
Disc Jockey stores at 112 mall locations which are located primarily in the
Midwest and Southern United States.
Robert J. Higgins, Chairman and Chief Executive Officer of Trans World
commented, "The acquisition of the Disc Jockey chain represents a logical
progression in our overall growth strategy, increasing our market share in the
Midwest and Southern markets."
Trans World Entertainment is a leading specialty retailer of music and video
products. The Company operates retail stores in 45 states, the District of
Columbia, the U.S. Virgin Islands, Puerto Rico and an e-commerce site,
www.twec.com. Mall locations include Camelot, Record Town, The Wall, Saturday
Matinee and F.Y.E. Freestanding locations include Coconuts Music and Movies,
Strawberries Music, Spec's and Planet Music.
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.
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