(CelebrityAccess News Service) – Trans World Entertainment Corporation, a leading retailer of entertainment products, has reached an agreement in principal to acquire substantially all of the assets of CD World, Inc. CD World, currently operating in Chapter 11 bankruptcy, is a specialty music retailer, which owns and operates 13 freestanding stores located in New Jersey and Missouri. The transaction, which is expected to close in early October 2003, represents total consideration of $1.8 million and is subject to the approval of the U.S. Bankruptcy Court for the District of New Jersey.
Trans World Entertainment is a leading specialty retailer of music and video products. The Company operates retail stores in 46 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and an e-commerce site, www.fye.com. In addition to its mall locations, operated under the "FYE" (For Your Entertainment) brand, the Company also operates freestanding locations under the names Coconuts Music and Movies, Strawberries Music, Spec's, Planet Music and Second Spin. –Jane Cohen and Bob Grossweiner
