ALBANY, N.Y.–(BUSINESS WIRE)–Sept. 21, 1999–Trans World
Entertainment Corporation (Nasdaq National Market: TWMC) announced
today the appointment of Michael J. Madden President and Chief
Operating Officer (COO). Mr. Madden will be responsible for the
general management of day-to-day operations of the Company, which,
earlier this year, became the largest music retailer in the nation
through its acquisition of Camelot Music Holdings.
”We recognized a need to add the position of COO to our
management team as the Company continues to implement its growth
initiatives in both our stores and on the Internet,” stated Robert J.
Higgins, Chairman and Chief Executive Officer of Trans World
Entertainment Corp. ”Michael Madden brings over thirty years of
experience with large corporations such as Toys ”R” Us and Jewel Food
Stores, as well as an extensive background in operational management.
We look forward to have him join our team in a period of dynamic
growth of the Company.”
Michael J. Madden served as Executive Vice President of Toys ”R”
Us, Inc. and President of U.S. Toy Stores. He joined Toys ”R” Us in
1987 as Vice President, is a graduate of Lake Forest College in
Illinois and served in the U.S. Army.
”Trans World Entertainment already has a great management team in
place and I look forward to the challenge of managing the continued
growth of the Company,” said Michael Madden. ”Today’s marketplace
requires management teams to execute very aggressive strategies and
pay attention to every detail. I am confident in my ability to
contribute greatly to the Company’s ‘Clicks and Bricks’ strategy and
to fully integrate the Company’s Internet entertainment site with its
Trans World Entertainment is a leading specialty retailer of
music and video products. The Company operates retail stores in 44
states, the District of Columbia, the U.S. Virgin Islands 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
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.