Trans World Entertainment CEO seeks to acquire company

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Trans World Entertainment Corp. chairman, chief executive officer and largest Trans World shareholder Robert J. Higgins has offered to buy the company's remaining shares for $5 cash per share. Trans World announced receipt of the non-binding proposal on Friday.

Higgins and his related entities currently hold approximately 40% of the company's issued and outstanding shares, according to a company news release.

Trans World shareholder Bryant Riley may also participate in the deal, which is subject to Higgins' obtaining financing.

The special committee of Trans World's board of directors will review the proposal with the assistance of Goldman, Sachs & Co.

Trans World said it does not plan to comment further on the matter until all negotiations and discussions with Higgins are completed.

Based in Albany, N.Y., Trans World is a specialty retailer of entertainment software, including music, home video and video games. The company operates more than 950 retail stores.

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