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Streetside Records

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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 U.S.-based company specializing in ecommerce software and services. The company conducted business on Amazon platforms across 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. Brock Kowalchuk, a seasoned professional from Goldman Sachs, 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 initial retail outlet under the name Record Town (originally Record Land) in 1973. The firm went public in July 1986 and subsequently grew through acquiring several smaller or struggling 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 a 2002 resolution involving 41 states concerning CD price fixing, Trans World Entertainment joined retailers Musicland and Tower Records in agreeing to a $3 million penalty.[3] It is estimated that from 1995 to 2000 consumers were overcharged by nearly $500 million in total, with individual album prices inflated by as much as $5.[4]

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

Between 2006 and 2010, Trans World experienced consecutive net losses. However, fiscal year 2011 marked a turnaround with a reported profit of $2.2 million compared to a $31 million deficit in FY 2010. This improvement was partly due to 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 $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 offerings. Following the acquisition of Ecomom, the business rebranded as etailz in 2013.

By January 2019, etailz reduced its workforce by 20 percent after Trans World disclosed a $14 million loss during the third quarter of 2018. Shortly after, in March 2019, etailz's founder and CEO departed from the company. Later that year, in September, Kunal Chopra was appointed as the new CEO of etailz.

Trans World divested its FYE division in January 2020 for $10 million to Sunrise Records and Entertainment Ltd., effectively ending its involvement with brick-and-mortar retail and leaving etailz as its sole remaining 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 emphasis on ecommerce, including the return of 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, resulting in the integration of both entities and reinforcing a strategic emphasis on ecommerce.[7]

Company Shutdown

In December 2023, Kaspien declared its intention to cease all operations permanently, with a scheduled closure date of May 1, 2024.[8]

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: Operated in New Jersey and Missouri[10][11][12]
  • Disc Jockey: Mall-based chain in the Southern United States[13][14]
  • Incredible Universe, a joint venture with Tandy Corporation: Nationwide presence with 17 stores; ceased operations in 1996 with six outlets sold to Fry's Electronics
  • Leopold's: California-based chainCite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name
  • Media Play: Nationwide chain closed in 2006
  • Music World: Served the New England region
  • On Cue: Nationwide chain[15][16][17][18]
  • Planet Music: Located in Virginia Beach
  • Peaches: National chain
  • Record & Tape Traders: Multiple Baltimore-area locations; final store in Towson closed in 2019Cite error: The opening <ref> tag is malformed or has a bad name
  • Record Factory: Based in Brisbane, California[19]Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name
  • Record Land: Mall-based national chain
  • Record Town: Mall-based national chain
  • Record World: Operated throughout the Mid-Atlantic and New England regions; mall-based
  • Saturday Matinee: Currently only one store remains at Rockaway Townsquare in Rockaway, New Jersey, with other locations either shuttered or converted to Suncoast stores; previously 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 retailer
  • Spin Street: Tennessee location closed in 2017Cite error: The opening <ref> tag is malformed or has a bad name
  • Square Circle: Mall-based national chain
  • Strawberries: Stores located across Texas, Maryland, New England and Mid-Atlantic states[20][21][22][23][24]
  • Streetside Records: Midwest presence primarily in Missouri[25][26]
  • Tape World: Mall-based national chain
  • Vibrations: Retailer based in South Florida
  • The Wall: Operated within Mid-Atlantic states[27][28][29]
  • Wall To Wall Sound & Video / Listening Booth: Located in Mid-Atlantic states; later rebranded as The Wall[27][30][31]
  • Wherehouse Entertainment:[19] Presence across Arizona, California, Colorado (formerly Rocky Mountain Records), Georgia, Louisiana, Missouri, New Mexico, Oklahoma, Oregon, Texas, Utah, Virginia and Washington;Cite error: The opening <ref> tag is malformed or has a bad name filed for bankruptcy protection in 2003;[32][33] Trans World acquired control of 111 stores and liquidated approximately one-third of them;[34][35] operations continued as an online marketplace until the website ceased activity on October 9, 2018.Cite error: The opening <ref> tag is malformed or has a bad name


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. ↑ PRWeb announcement on etailz's rebranding to Kaspien
  8. ↑ Spokane Journal of Business article on Kaspien winding down
  9. ↑ 9.0 9.1 Sunrise Records acquisition announcement of FYE
  10. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named tbr-2003sep18
  11. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named tdm-2003sep19
  12. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named business.highbeam.com
  13. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named tbr-2000oct31
  14. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named sec-twe-2001
  15. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named books.google.com
  16. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named acbj-2002may12
  17. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named drt-2002apr22
  18. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named bn-2002apr13
  19. ↑ 19.0 19.1 Cite error: Invalid <ref> tag; no text was provided for refs named latimes.1986-06-13
  20. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named nyt-1993dec31
  21. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Strawberries Inc 1994
  22. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named bizjournals.com
  23. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named nyt-1989oct25
  24. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named ap-1989aug22
  25. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named ps-2007dec24
  26. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named cdt-2012dec06
  27. ↑ 27.0 27.1 Cite error: Invalid <ref> tag; no text was provided for refs named The Philadelphia Inquirer
  28. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named pn-1997oct31
  29. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named pbj-1997dec05
  30. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named pi-1990jul21
  31. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named pdn-1990may16
  32. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named lat-2003jan22
  33. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named slbj-2003jan21
  34. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named lat-2003oct01
  35. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named bill-2003oct11

External links

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