EX-99.1
3
a06-7744_1ex99d1.htm
EXHIBIT 99
Exhibit 99.1
38 Corporate Circle
Albany, NY 12203
Contact
:
Contact
:
Trans World Entertainment
MWW Group
John J. Sullivan
Rich Tauberman
EVP, Chief Financial Officer
(rtauberman@mww.com)
(518) 452-1242
(201) 507-9500
www.twec.com
NEWS
RELEASE
TRANS WORLD ENTERTAINMENT COMPLETES ASSET
ACQUISITION OF MUSICLAND HOLDING CORP.
Company Increases Revolving Credit Facility with
Bank of America to $130 Million
Albany,
NY, March 29, 2006 - Trans World Entertainment Corporation (Nasdaq: TWMC), a
leading retailer of entertainment products, announced today it has completed
the acquisition of substantially all of the assets of Musicland Holding Corp. Musicland,
an entertainment specialty retailer which operates retail stores and websites
under the names Sam Goody (SamGoody.com), Suncoast Motion Picture Company
(Suncoast.com), On Cue and MediaPlay.com, filed a voluntary petition to
restructure under Chapter 11 of the United States Bankruptcy Code in January
2006. As previously announced the transaction represents total consideration of
$104.2 million in cash and $18.1 million in assumed liabilities.
Trans
World also announced that it has amended its revolving secured credit agreement
with Bank of America, N.A., increasing the facility to $130 million. The
Company entered into the original $100 million facility in January 2006.
Trans
World Entertainment is a leading specialty retailer of music, video and video
game products. The Company operates over 1,100 retail stores in the United States,
the District of Columbia
,
the U.S. Virgin Islands, Puerto Rico and e-commerce sites, www.fye.com,
www.coconuts.com, www.wherehouse.com, www.secondspin.com, www.samgoody.com and
www.suncoast.com. In addition to its mall locations, operated under the
f.y.e., Sam Goody and Suncoast
brands, the Company also
operates freestanding locations under the names Coconuts Music and Movies,
Strawberries Music, Wherehouse, Sam Goody, On Cue, CD World, Spec's, Second
Spin and Planet Music.
Certain statements in this
release 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.

EX - 99 . 1 3 a06 - 7744 _ 1ex99d1 . htm EXHIBIT 99 Exhibit 99 . 1 38 Corporate Circle Albany , NY 12203 Contact : Contact : Trans World Entertainment MWW Group John J. Sullivan Rich Tauberman EVP , Chief Financial Officer ( rtauberman@mww.com ) ( 518 ) 452 - 1242 ( 201 ) 507 - 9500 www.twec.com NEWS RELEASE TRANS WORLD ENTERTAINMENT COMPLETES ASSET ACQUISITION OF MUSICLAND HOLDING CORP . Company Increases Revolving Credit Facility with Bank of America to $ 130 Million Albany , NY , March 29 , 2006 - Trans World Entertainment Corporation ( Nasdaq : TWMC ) , a leading retailer of entertainment products , announced today it has completed the acquisition of substantially all of the assets of Musicland Holding Corp . Musicland , an entertainment specialty retailer which operates retail stores and websites under the names Sam Goody ( SamGoody.com ) , Suncoast Motion Picture Company ( Suncoast.com ) , On Cue and MediaPlay.com , filed a voluntary petition to restructure under Chapter 11 of the United States Bankruptcy Code in January 2006 . As previously announced the transaction represents total consideration of $ 104.2 million in cash and $ 18.1 million in assumed liabilities . Trans World also announced that it has amended its revolving secured credit agreement with Bank of America , N . A . , increasing the facility to $ 130 million . The Company entered into the original $ 100 million facility in January 2006 . Trans World Entertainment is a leading specialty retailer of music , video and video game products . The Company operates over 1,100 retail stores in the United States , the District of Columbia , the U . S . Virgin Islands , Puerto Rico and e - commerce sites , www.fye.com , www.coconuts.com , www.wherehouse.com , www.secondspin.com , www.samgoody.com and www.suncoast.com . In addition to its mall locations , operated under the f . y . e . , Sam Goody and Suncoast brands , the Company also operates freestanding locations under the names Coconuts Music and Movies , Strawberries Music , Wherehouse , Sam Goody , On Cue , CD World , Spec 's , Second Spin and Planet Music . Certain statements in this release 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 .