We’re excited to announce that Kaspien’s parent company, Trans World Entertainment (TWEC), secured an additional $5MM in debt funding, adding to Kaspien’s $25MM funding raised in February earlier this year. This new funding comes from three investors: Alimco Financial Corporation, Kick-Start Funds, and the Robert Higgins TWMC Trust. The funding will be used to bring the full focus of the company exclusively to Kaspien.
In conjunction with the fundraising, several of Trans World’s Board members are retiring, including Michael Solow, Michael Feurer, Jeff Hastings, Rob Marks, and Michael Nahl, and TWEC CEO Michael Feurer has left the company. With the former Board members’ departure, two new members will be joining our Board of Directors: Jonathan Marcus, CEO of Alimco financing, and Tom Simpson, a co-founder of Kaspien and the executive chairman of Kaspien from 2008-2016. Both bring a wealth of knowledge and experience highly relevant to Kaspien’s business, providing invaluable insights that will fuel our journey to becoming the ultimate online growth platform. Moving forward, Kaspien’s CEO, Kunal Chopra, will report directly to the Board of Directors, helping drive the company’s exclusive focus on Kaspien.
We are thrilled to have the support of a new Board of Directors who are directly aligned with our mission, vision, and strategic objectives. Combined with our existing team, partners, and the exclusive focus of the Board of Directors, we are very well positioned to continue to execute our vision of becoming the industry leader in marketplace products and services. We are very excited about the momentum we have generated so far in 2020, and these recent developments are only adding fuel to the fire.
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