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"Trans World Entertainment" redirects here. For 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
FateCeased operations
HeadquartersSpokane, Washington, U.S.
Key people
Brock Kowalchuk (interim CEO)
Websitekaspien.com

Kaspien Holdings, Inc.—previously known as Trans World Entertainment—was a United States-based company specializing in ecommerce software and services. Kaspien Holdings conducted business across Amazon marketplaces in the U.S., Canada, the U.K., Spain, France, Italy, Germany, the Netherlands, Sweden, and India. Additionally, it operated on Walmart Marketplace, eBay, Google Shopping, and Target. The interim CEO position was held by Brock Kowalchuk, a former Goldman Sachs executive who assumed the role on March 11, 2022.[1]

Trans World Entertainment Corporation

Established in 1972 by Robert Higgins and headquartered in Albany, New York, Trans World began its operations with the launch of its first store named Record Town (initially Record Land) in 1973. The company went public in July 1986 and expanded its footprint through acquisitions of 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 October's end.[2]

In 2002, Trans World Entertainment joined retailers Musicland and Tower Records in settling a lawsuit with 41 states concerning CD price fixing, agreeing to pay a $3 million penalty.[3] It is estimated that between 1995 and 2000 consumers were overcharged by close to $500 million, with markups reaching 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 encompassed several On Cue locations.[5]

From 2006 through 2010, Trans World reported net losses; however, fiscal year 2011 marked a turnaround with a profit of $2.2 million compared to a $31 million loss in FY 2010. This improvement resulted from store closures and enhanced profit margins on merchandise.[6]

Acquisition of etailz, Inc.

In October 2016, Trans World completed the purchase of etailz, Inc., an independent online retailer, for a total of $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-friendly merchandise. In 2013, following the acquisition of Ecomom, it underwent a rebranding and adopted the name etailz.

After Trans World reported 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. Later that year, in September 2019, 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., thereby ending its involvement with brick-and-mortar retail outlets and retaining etailz as its sole subsidiary.

In March 2020, Trans World restructured its board of directors and saw its CEO step down. The board welcomed new members to strengthen the company’s commitment to ecommerce, 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, adopting the name Kaspien Holdings after selling the "Trans World Entertainment" brand to Sunrise Records. Concurrently, its remaining subsidiary, etailz, rebranded as Kaspien, unifying both entities under a single identity and reinforcing their commitment to ecommerce.[7]

Company Dissolution

In December 2023, Kaspien declared plans to cease all operations, with a complete shutdown scheduled for May 1, 2024.[8]

Retail Chains Previously Owned Prior to Sale to Sunrise Records

Defunct Chains

"Saturday Matinee" redirects here; not to be confused with Eddie Brandt § Eddie Brandt's Saturday Matinee.
  • Camelot Music
  • CD World: Present in New Jersey and Missouri[10][11][12]
  • Disc Jockey: Southern United States mall-based chain[13][14]
  • Incredible Universe, a joint venture with Tandy Corporation: Operated nationally with 17 stores; closed in 1996 with six locations sold to Fry's Electronics
  • Leopold's: California-based chain[15][16]
  • Media Play: Nationwide chain that ceased operations in 2006
  • Music World: Located in New England states
  • On Cue: National presence[17][18][19][20]
  • Planet Music: Based in Virginia Beach, Virginia
  • Peaches: Operated nationwide
  • Record & Tape Traders: Multiple Baltimore-area locations; final store in Towson, Maryland closed in 2019[21]
  • Record Factory: Based in Brisbane, California[22][23]
  • Record Land: Mall-based national chain
  • Record Town: National mall-based retailer
  • Record World: Operated in Mid-Atlantic and New England regions; mall-based
  • Saturday Matinee: Currently only one store remains at Rockaway Townsquare, Rockaway, New Jersey, with others either closed or converted into 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[24]
  • Square Circle: Mall-based national chain
  • Strawberries: Operated in Texas, Maryland, New England and Mid-Atlantic regions[25][26][27][28][29]
  • Streetside Records: Midwest presence including Missouri[30][31]
  • Tape World: National mall-based retailer
  • Vibrations: South Florida-based chain
  • The Wall: Operated within Mid-Atlantic states[32][33][34]
  • Wall To Wall Sound & Video / Listening Booth: Operated across Mid Atlantic states before later rebranding as The Wall[32][35][36]
  • Wherehouse Entertainment:[22] Operating stores in Arizona, California, Colorado (formerly Rocky Mountain Records), Georgia, Louisiana, Missouri, New Mexico,Oklahoma,Oregon ,Texas ,Utah ,Virginia ,and Washington;[37] filed for bankruptcy protection in early2003;[38]< ref name="slbj03jan21">Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).</ ref> Trans World acquired111 stores and liquidated approximately one-third of them.< ref name="lat03oct01">Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).</ ref> Operations continued online until the website shut down on October9 ,2018.< ref>Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).</ ref>

References

  1. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  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. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  8. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  9. ↑ 9.0 9.1 Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  10. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  11. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  12. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  13. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  14. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  15. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  16. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  17. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  18. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  19. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  20. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  21. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  22. ↑ 22.0 22.1 Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  23. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  24. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  25. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  26. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  27. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  28. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  29. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  30. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  31. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  32. ↑ 32.0 32.1 Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  33. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  34. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  35. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  36. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  37. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
  38. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).

External links

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