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Record Town

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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 a U.S.-based provider of ecommerce software and services. The company 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 operated on Walmart Marketplace, eBay, Google Shopping, and Target. Brock Kowalchuk, a former Goldman Sachs executive, assumed the role of interim CEO on March 11, 2022.[1]

Trans World Entertainment Corporation

Founded in 1972 by Robert Higgins and headquartered in Albany, New York, Trans World Entertainment launched its inaugural retail location under the name Record Town (originally Record Land) in 1973. The company went public in July 1986 and expanded its footprint through acquiring several smaller or financially troubled retailers such as Strawberries, Coconuts, Camelot Music, and Wherehouse Entertainment.

On September 23, 2000, Trans World entered into a definitive agreement to acquire WaxWorks' assets, with an anticipated closing by the end of October.[2]

In 2002, as part of a settlement involving 41 states concerning illegal CD price fixing practices, Trans World Entertainment along with retailers Musicland and Tower Records agreed to pay $3 million in fines.[3] Investigations estimated that from 1995 through 2000 consumers were overcharged nearly half a billion dollars—up to $5 more per album.[4]

In February 2006, Trans World completed the acquisition of the Musicland Group, which controlled brands such as Musicland, Discount Records, Sam Goody, Suncoast Motion Picture Company, Media Play, and On Cue—including select On Cue outlets.[5]

Between 2006 and 2010, Trans World experienced net losses; however, fiscal year 2011 marked a turnaround with a net profit of $2.2 million compared to a $31 million deficit in FY 2010. This improvement was supported by store closures and enhanced product 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-friendly product sales. In 2013, following the acquisition of Ecomom, it rebranded as etailz.

Following a reported $14 million loss by Trans World 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. By September 2019, Kunal Chopra was appointed as the new CEO of etailz.

In January 2020, Trans World divested its FYE division to Sunrise Records and Entertainment Ltd. for $10 million, effectively ending its involvement in brick-and-mortar retail and leaving 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 with expertise in ecommerce, including Tom Simpson, one of etailz’s original founders, to strengthen the company’s digital commerce strategy.

Transition to Kaspien Holdings and Sale of Name

On September 3, 2020, Trans World Entertainment underwent a 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, uniting both entities under a single identity to emphasize their commitment to ecommerce.

Company Dissolution

In December 2023, Kaspien declared its intention to cease all operations permanently by May 1, 2024.

Retail 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, with 17 locations nationwide; closed in 1996 with six stores sold to Fry's Electronics
  • Leopold's: California-based chain
  • Media Play: Nationwide chain closed in 2006
  • Music World: Served the New England region
  • On Cue: Nationwide chain later rebranded as Sam Goody
  • Planet Music: Located in Virginia Beach, Virginia
  • Peaches: Formerly operated nationwide
  • Record & Tape Traders: Multiple locations around Baltimore; 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 in Mid-Atlantic and New England states; mall-based
  • Saturday Matinee: Currently only one store remains at Rockaway Townsquare, Rockaway, New Jersey; previously had locations across multiple states including California and New York; many stores closed or converted to Suncoast brand
  • Spec's Music Inc.: Based in Florida
  • Spin Street: Tennessee-based store closed in 2017
  • Square Circle: Nationwide mall-based chain
  • Strawberries: Stores located across Texas, Maryland, New England, and Mid-Atlantic regions
  • Streetside Records: Missouri and Midwest locations; now closed
  • Tape World: Nationwide mall-based chain
  • Vibrations: Located in South Florida
  • The Wall: Operated in Mid-Atlantic states
  • Wall To Wall Sound & Video / Listening Booth: Mid-Atlantic region stores later converted to The Wall brand
  • Wherehouse Entertainment: Locations included Arizona, California, Colorado (formerly Rocky Mountain Records), Georgia, Louisiana, Missouri, New Mexico, Oklahoma, Oregon, Texas, Utah, Virginia, and Washington; filed for bankruptcy in 2003; Trans World acquired 111 stores and liquidated nearly one-third; continued online operations until website closure on October 9, 2018

References

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External links

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