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Disc Jockey (store)

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

Kaspien Holdings, Inc.—previously known as Trans World Entertainment—was an American enterprise specializing in ecommerce software and related services. Kaspien Holdings maintained a presence on Amazon across multiple countries including the United States, Canada, the United Kingdom, Spain, France, Italy, Germany, the Netherlands, Sweden, and India. Additionally, it conducted business on Walmart Marketplace, eBay, Google Shopping, and Target. The interim CEO role was held by Brock Kowalchuk, a former Goldman Sachs executive, who assumed leadership on March 11, 2022.[1]

Trans World Entertainment Corporation

Founded in 1972 by Robert Higgins and headquartered in Albany, New York, Trans World began with its inaugural store, Record Town (initially called Record Land), which opened in 1973. The company went public in July 1986 and expanded its footprint through acquiring several smaller or struggling retailers such as Strawberries, Coconuts, Camelot Music, and Wherehouse Entertainment.

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

In 2002, as part of a settlement involving 41 U.S. states concerning CD price fixing allegations, Trans World Entertainment agreed alongside retailers Musicland and Tower Records to pay a $3 million penalty.[3] It was estimated that from 1995 through 2000 consumers were overcharged by approximately $500 million in total, with surcharges up to $5 per album.[4]

In February 2006, Trans World completed the acquisition of the Musicland Group, which included brands such as Musicland, Discount Records, Sam Goody, Suncoast Motion Picture Company, Media Play, and On Cue stores. This purchase also encompassed several On Cue locations.[5]

Between 2006 and 2010, Trans World operated at a net loss. However, fiscal year 2011 marked a return to profitability with earnings of $2.2 million compared to a $31 million loss in FY 2010. This turnaround was achieved by closing certain outlets and enhancing 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 (now Sarah Neblett), and Tom Simpson under the name GreenCupboards, the company specialized in eco-conscious products. The business underwent a rebranding to etailz in 2013 following its acquisition of Ecomom.

Following Trans World's announcement of a $14 million loss in 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. Later that year, in September, Kunal Chopra was appointed as the new CEO of etailz.

Trans World divested its FYE division in January 2020, selling it for $10 million to Sunrise Records and Entertainment Ltd. This transaction marked the company's exit from physical retail operations, leaving etailz as its sole remaining subsidiary.

In March 2020, Trans World restructured its board of directors and saw the resignation of its CEO. The board welcomed new members to strengthen the company’s commitment to ecommerce, including etailz co-founder Tom Simpson.

Transition to Kaspien Holdings and Sale of Brand

On September 3, 2020, Trans World Entertainment underwent a corporate rebranding, adopting the name Kaspien Holdings. Concurrently, the "Trans World Entertainment" brand was sold to Sunrise Records. The company's remaining subsidiary, etailz, also rebranded as Kaspien, merging operations under a unified identity to emphasize their commitment to ecommerce growth.

Company Shutdown

In December 2023, Kaspien declared its intention to cease all business activities, with a permanent closure scheduled for May 1, 2024.

Chains Previously Owned Prior to Sale to Sunrise Records

Defunct Chains

  • Camelot Music
  • CD World: Operated in New Jersey and Missouri
  • Disc Jockey: Mall-based chain in the Southern United States
  • Incredible Universe, a joint venture with Tandy Corporation: Nationwide presence with 17 stores; closed in 1996 with six locations sold to Fry's Electronics
  • Leopold's: California-based retailer
  • Media Play: Nationwide chain closed in 2006
  • Music World: Served the New England region
  • On Cue: Nationwide chain rebranded as Sam Goody stores
  • Planet Music: Located in Virginia Beach, Virginia
  • Peaches: Previously operated nationwide
  • Record & Tape Traders: Multiple Baltimore-area locations; last store in Towson, Maryland closed in 2019
  • Record Factory: Based in Brisbane, California
  • Record Land: Nationwide mall-based chain
  • Record Town: Nationwide mall-based chain
  • Record World: Operated across the Mid-Atlantic and New England regions; mall-based
  • Saturday Matinee: Currently only one store remains at Rockaway Townsquare in Rockaway, New Jersey; other outlets either closed or converted to Suncoast locations; previously operated across multiple states including California, Colorado, Connecticut, Delaware, Illinois, Maryland, Michigan, New Jersey, New York, North Carolina, Virginia, Texas, Mississippi, Pennsylvania, and Ohio
  • Spec's Music Inc.: Florida-based retailer
  • Spin Street: Tennessee location closed in 2017
  • Square Circle: Nationwide mall-based chain
  • Strawberries: Operated in Texas, Maryland, New England states, and Mid-Atlantic region
  • Streetside Records: Located primarily in Missouri and the Midwest region
  • Tape World: Nationwide mall-based chain
  • Vibrations: South Florida-based retailer
  • The Wall: Stores throughout Mid-Atlantic states
  • Wall To Wall Sound & Video / Listening Booth: Mid-Atlantic region locations later converted into The Wall stores
  • Wherehouse Entertainment: Stores operated across 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; Trans World acquired 111 stores and subsequently liquidated nearly one-third of them. Continued as an online buying and selling platform until website closure on October 9, 2018.

References

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External links

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