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Saturday Matinee

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"Trans World Entertainment" redirects here. For the motion picture 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 firm specializing in ecommerce software and services. The company conducted business across multiple Amazon marketplaces, including those in the United States, Canada, the United Kingdom, Spain, France, Italy, Germany, the Netherlands, Sweden, and India. Additionally, it maintained a presence on Walmart Marketplace, eBay, Google Shopping, and Target. As of March 11, 2022, interim CEO duties were assumed by Brock Kowalchuk, a former Goldman Sachs executive.[1]

Trans World Entertainment Corporation

Established in 1972 in Albany, New York by Robert Higgins, Trans World launched its inaugural retail outlet named Record Town (initially Record Land) in 1973. The company went public in July 1986 and grew through acquiring several smaller or distressed entities 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 was part of a settlement with 41 U.S. states concerning CD price fixing allegations. Alongside retailers Musicland and Tower Records, the company agreed to pay a $3 million penalty.[3] It was estimated that consumers were overcharged by nearly $500 million between 1995 and 2000, with price increases reaching 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. This acquisition also encompassed several On Cue stores.[5]

From 2006 through 2010, Trans World experienced net losses; however, fiscal year 2011 marked a return to profitability with earnings of $2.2 million compared to a $31 million deficit the previous year. The company achieved this turnaround by closing certain stores 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 (currently Sarah Neblett), and Tom Simpson under the name GreenCupboards, the business specialized in eco-conscious products. The company underwent a rebranding to etailz in 2013 following its acquisition of Ecomom.

After Trans World announced 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, Kunal Chopra was appointed as the new CEO of etailz.

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

March 2020 saw a reshuffling of Trans World's board of directors along with the resignation of its CEO. The board welcomed new members aimed at strengthening the company’s emphasis on ecommerce, including Tom Simpson, one of etailz’s original founders.

Transition to Kaspien Holdings and Brand Consolidation

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 last remaining subsidiary, etailz, rebranded as Kaspien. This unification of identities merged both entities under one banner, reinforcing their commitment to ecommerce operations.

Company Shutdown

In December 2023, Kaspien announced plans to cease all business activities, with a permanent closure date set for May 1, 2024.

Retail Chains Formerly 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 stores nationwide; closed in 1996 with six locations sold to Fry's Electronics
  • Leopold's: Based in California
  • Media Play: Previously operated nationwide; closed in 2006
  • Music World: Served the New England region
  • On Cue: Nationwide chain rebranded as Sam Goody
  • Planet Music: Located in Virginia Beach, Virginia
  • Peaches: Nationwide presence
  • Record & Tape Traders: Multiple Baltimore-area locations; last store in Towson closed in 2019
  • Record Factory: Based in Brisbane, California
  • Record Land: Mall-based chain operating nationwide
  • Record Town: Nationwide mall-based stores
  • Record World: Operated throughout the Mid-Atlantic and New England regions; mall-based
  • Saturday Matinee: Now only one store remains at Rockaway Townsquare in Rockaway, New Jersey; other locations have either closed or converted to Suncoast stores; formerly present 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 chain
  • Spin Street: Tennessee location closed in 2017
  • Square Circle: Nationwide mall-based chain
  • Strawberries: Operated across Texas, Maryland, New England, and Mid-Atlantic states
  • Streetside Records: Served Missouri and the Midwest region before closure
  • Tape World: Mall-based stores operating nationwide
  • Vibrations: Located in South Florida
  • The Wall: Served Mid-Atlantic states
  • Wall To Wall Sound & Video / Listening Booth: Mid-Atlantic region stores later converted into The Wall outlets
  • Wherehouse Entertainment: Locations across 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 from Wherehouse and liquidated approximately one-third of them. The brand continued as an online marketplace until its website closure on October 9, 2018.

References

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External links

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