ALBANY, N.Y., May 28 /PRNewswire-FirstCall/ —
Trans World Entertainment Corporation (Nasdaq: TWMC), a leading retailer of
entertainment products, today announced that its Board of Directors has
approved a program to repurchase up to ten million shares of the Company’s
outstanding common stock. The Company has approximately 38.9 million shares
outstanding as of May 3, 2003.
Under the repurchase plan, the Company has the authority to repurchase
shares in the open market, or through negotiated transactions from time to
time, in compliance with SEC requirements and subject to market conditions.
The program marks the fourth time in the last three years that the Board
of Directors has authorized a stock buyback. In January 2003, the Company
completed the purchase of fifteen million shares of common stock under
previously announced programs.
“Given Trans World’s strong financial condition, we are in a position to
deliver additional value to our shareholders through the execution of a share
repurchase program. We continue to believe the stock of Trans World
Entertainment is undervalued and represents an excellent investment
opportunity,” commented Robert J. Higgins, Chairman and Chief Executive
Officer of Trans World Entertainment.
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 and Planet Music.
SOURCE Trans World Entertainment Corporation
John Sullivan, Executive Vice President and Chief Financial
Officer of Trans World Entertainment Corporation, +1-518-452-1242, ext. 7400;
or Kimberly Storin, Investor Relations Counsel of The MWW Group for Trans
World Entertainment Corporation, +1-212-704-9727, /
Web site: http://www.fye.com