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Strawberries Music

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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 constituent
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 related 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 executive, assumed the role of interim CEO on March 11, 2022.[1]

Trans World Entertainment Corporation

Originating in Albany, New York, Trans World was established in 1972 by Robert Higgins. Its inaugural store, Record Town (initially named Record Land), opened in 1973. The company went public in July 1986 and expanded through acquiring several smaller or distressed entities including 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 complete by late October.[2]

In 2002, as part of a settlement involving 41 states related to CD price fixing, Trans World Entertainment—alongside retailers Musicland and Tower Records—consented to a $3 million penalty.[3] It was estimated that from 1995 through 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. This purchase also encompassed several On Cue outlets.[5]

From 2006 until 2010, Trans World experienced net losses. However, fiscal year 2011 marked a turnaround with a reported profit of $2.2 million compared to a $31 million loss in FY 2010. 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., a third-party 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 products. Following the acquisition of Ecomom, GreenCupboards rebranded as etailz in 2013.

In early 2019, etailz reduced its workforce by 20 percent after Trans World reported a $14 million loss in the third quarter of 2018. Shortly afterward, in March 2019, etailz’s founder and CEO departed from the company. 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 physical retail locations and leaving etailz as its sole remaining subsidiary.

By March 2020, Trans World had restructured its board of directors and saw a change in its CEO position. 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 Name

On September 3, 2020, Trans World Entertainment officially changed its corporate identity to Kaspien Holdings, having sold the "Trans World Entertainment" brand to Sunrise Records. Concurrently, its remaining subsidiary, etailz, rebranded as Kaspien, effectively uniting the two entities under one name and reinforcing their commitment to ecommerce operations.

Company Shutdown

Kaspien declared in December 2023 that it would cease all business activities, with a complete closure scheduled for 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: Southern United States mall-based stores
  • Incredible Universe (a joint venture with Tandy Corporation): Had 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: Nationwide presence
  • 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 mainly in the Mid-Atlantic and New England regions; mall-based stores
  • Saturday Matinee: Currently only one store remains at Rockaway Townsquare in Rockaway, New Jersey; other locations were either closed or converted to Suncoast; 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 chain
  • Spin Street: Tennessee location closed in 2017
  • Square Circle: Nationwide mall-based stores
  • Strawberries: Locations across Texas, Maryland, New England, and Mid-Atlantic states
  • Streetside Records: Based in Missouri and the Midwest region
  • Tape World: Nationwide mall-based chain
  • Vibrations: Located in South Florida
  • The Wall: Operated within Mid-Atlantic states
  • Wall To Wall Sound & Video / Listening Booth: Served Mid-Atlantic states before being rebranded as The Wall
  • Wherehouse Entertainment: Stores 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 with Trans World acquiring 111 stores and liquidating approximately one-third; continued as an online retailer until website closure on October 9, 2018

References

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External links

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