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CD World

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"Trans World Entertainment" redirects here. For the film production company, see Trans World Entertainment (film company).
Kaspien Holdings, Inc.
FormerlyTrans World Entertainment (1972-2020)
Company typePublic
Template:NASDAQ
Russell Microcap Index component
IndustryRetail
FoundedDecember 1972; 53 years ago (1972-12)
FounderRobert J. Higgins
DefunctTemplate:End date and age
FateClosed
HeadquartersSpokane, Washington, U.S.
Key people
Brock Kowalchuk (interim CEO)
Websitekaspien.com

Kaspien Holdings, Inc.—previously known as Trans World Entertainment—was a U.S.-based firm specializing in ecommerce software and services. The company maintained operations on Amazon platforms across the United States, Canada, the United Kingdom, Spain, France, Italy, Germany, the Netherlands, Sweden, and India. Additionally, it engaged with Walmart Marketplace, eBay, Google Shopping, and Target. Brock Kowalchuk, a former Goldman Sachs professional, was appointed interim CEO on March 11, 2022.[1]

Trans World Entertainment Corporation

Founded in 1972 by Robert Higgins in Albany, New York, Trans World Entertainment launched its first retail location named Record Town (initially Record Land) in 1973. The company went public in July 1986 and expanded its footprint by acquiring several smaller or struggling chains such as Strawberries, Coconuts, Camelot Music, and Wherehouse Entertainment.

On September 23, 2000, Trans World entered into a binding agreement to purchase WaxWorks’ assets, with the transaction anticipated to finalize by late October.[2]

In a 2002 legal settlement involving 41 states concerning CD price fixing, Trans World Entertainment agreed alongside retailers Musicland and Tower Records to pay $3 million in fines.[3] Estimates indicate that from 1995 through 2000 consumers were overcharged by nearly $500 million total and up to $5 per album.[4]

In February 2006, Trans World acquired the Musicland Group—which included brands such as Musicland, Discount Records, Sam Goody, Suncoast Motion Picture Company, Media Play, and On Cue—adding a number of On Cue outlets to its portfolio.[5]

Between 2006 and 2010, Trans World experienced consecutive net losses. However, fiscal year 2011 marked a turnaround with a net profit of $2.2 million following a $31 million loss in the previous year. This improvement was driven by store closures and enhanced product profit margins.[6]

Acquisition of etailz, Inc.

In October 2016, Trans World completed the purchase of etailz, Inc., an independent online retailer, for $76 million.

Originally established in 2008 by Josh Neblett, Sarah Wollnick (currently Sarah Neblett), and Tom Simpson under the name GreenCupboards, the company specialized in eco-conscious products. In 2013, following the acquisition of Ecomom, GreenCupboards rebranded itself as etailz.

After Trans World disclosed a $14 million loss during the third quarter of 2018, etailz reduced its workforce by 20 percent in January 2019. Shortly after, in March 2019, the company’s founder and CEO departed. By September 2019, etailz appointed Kunal Chopra as its new chief executive officer.

In January 2020, Trans World divested its FYE division to Sunrise Records and Entertainment Ltd. for $10 million, thereby ending its involvement with physical retail outlets and retaining etailz as its sole subsidiary.

March 2020 saw a restructuring of Trans World’s board of directors alongside the resignation of its CEO. The board welcomed new members to strengthen the company’s ecommerce strategy, including Tom Simpson, one of etailz’s original founders.

Transition to Kaspien Holdings and Sale of Brand

On September 3, 2020, Trans World Entertainment underwent a rebranding initiative, adopting the name Kaspien Holdings. Concurrently, the "Trans World Entertainment" brand was transferred to Sunrise Records. Alongside this change, its last remaining subsidiary, etailz, rebranded as Kaspien, effectively uniting the two entities under one identity and reinforcing their commitment to ecommerce.[7]

Company Shutdown

Kaspien declared in December 2023 that it would cease all operations permanently by May 1, 2024.[8]

Previously Owned Retail Chains Prior to Sunrise Records Acquisition

Defunct Chains

"Saturday Matinee" redirects here; not to be confused with Eddie Brandt § Eddie Brandt's Saturday Matinee.
  • Camelot Music
  • CD World: Formerly in New Jersey and Missouri[10][11][12]
  • Disc Jockey: Southern United States malls[13][14]
  • Incredible Universe: A nationwide joint venture with Tandy Corporation, operating 17 stores before closing in 1996; six locations were sold to Fry's Electronics
  • Leopold's: Located in California[15][16]
  • Media Play: Nationwide chain closed in 2006
  • Music World: Served the New England region
  • On Cue: Nationwide presence; later rebranded as Sam Goody[17][18][19][20]
  • Planet Music: Based in Virginia Beach, Virginia
  • Peaches: Operated nationally
  • Record & Tape Traders: Multiple Baltimore area locations; final store in Towson closed in 2019[21]
  • Record Factory: Brisbane, California[22][23][24][25]
  • Record Land: National mall-based chain
  • Record Town: National mall-based chain
  • Record World: Mid-Atlantic and New England mall-based stores
  • Saturday Matinee: Currently only one location at Rockaway Townsquare in Rockaway, New Jersey; previous sites either closed or converted to Suncoast; formerly operated across several states including California and New York
  • Spec's Music Inc.: Florida-based retailer
  • Spin Street: Tennessee location closed in 2017[26]
  • Square Circle: Mall-based national chain
  • Strawberries: Operated across Texas, Maryland, New England, and Mid-Atlantic states[27][28][29][30][31]
  • Streetside Records: Located in Missouri and the Midwest[32][33]
  • Tape World: Nationwide mall-based chain
  • Vibrations: South Florida retailer
  • The Wall: Mid-Atlantic region stores[34][35][36]
  • Wall To Wall Sound & Video / Listening Booth: Mid-Atlantic locations later converted into The Wall stores[37][38]
  • Wherehouse Entertainment:[39] Present in Arizona, California, Colorado (formerly Rocky Mountain Records), Georgia, Louisiana, Missouri, New Mexico, Oklahoma, Oregon, Texas, Utah, Virginia, and Washington; filed for bankruptcy protection in 2003.[40][41] Trans World acquired control of 111 stores thereafter and liquidated approximately one-third.[42][43] Continued as an online marketplace until its website shut down on October 9, 2018.[44]

References

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  2. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  3. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  4. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  5. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  6. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  7. ↑ ‘etailz’ Rebrands as ‘Kaspien’ to Better Support Online Brand Growth
  8. ↑ Parish, Linn. Kaspien to wind down operations. Spokane Journal of Business. December 26, 2023.
  9. ↑ Sunrise Records to Acquire U.S. Entertainment Chain FYE
  10. ↑ Trans World to buy CD World
  11. ↑ Trans World to buy bankrupt CD World
  12. ↑ Streetside, CD World Will Merge
  13. ↑ Trans World absorbs Disc Jockey music chain
  14. ↑ Trans World Entertainment SEC 10-K Annual Report
  15. ↑ Leopold's acquisition details
  16. ↑ Historical photo reference
  17. ↑ Tower Records' Industry Challenges
  18. ↑ On Cue brand will become Sam Goody
  19. ↑ Best Buy converts On Cue stores to Sam Goody name
  20. ↑ On Cue Rebranding As Sam Goody
  21. ↑ Record and Tape Traders Towson closure announcement
  22. ↑ Record Factory sale details
  23. ↑ Billboard coverage on Record Factory
  24. ↑ Sterling Lanier public records
  25. ↑ Mighty Fine Distributing parent company info
  26. ↑ Spin Street closure news
  27. ↑ Video Supplier leadership change
  28. ↑ Partnership acquisition of Strawberries Inc.
  29. ↑ Trans World closes on Strawberries deal
  30. ↑ Expansion plans for Strawberries chain
  31. ↑ Video company chief’s death report
  32. ↑ RIP Streetside Records Delmar
  33. ↑ Streetside Records closure announcement
  34. ↑ The Wall acquisition news
  35. ↑ Camelot Music purchase of The Wall details
  36. ↑ Bankrupt buyers woo The Wall report
  37. ↑ Wall To Wall bankruptcy filing details
  38. ↑ Wall To Wall financial stress reports
  39. ↑ Wherehouse Los Angeles Times articles archive
  40. ↑ Wherehouse Files for Chapter 11 bankruptcy
  41. ↑ Wherehouse parent company bankruptcy filing news
  42. ↑ Court approval for Wherehouse purchase
  43. ↑ TransWorld wins bid for Wherehouse stores
  44. ↑ Wherehouse website archive notice

External links

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