Trans World Entertainment Corporation Closes On Acquisition of the Disc Jockey Chain; Acquires 112 Mall Locations

ALBANY, N.Y.–(BUSINESS WIRE)–Oct. 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.

CONTACT: Trans World Entertainment Corporation
John Sullivan, Chief Financial Officer
518/452-1242, ext. 7400
or
The MWW Group
Investor Relations
Michael Lendener, 212/704-9727