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Tape World

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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
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 enterprise specializing in ecommerce software and related services. The company conducted business 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 professional, 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 began its operations with the launch of its inaugural store, Record Town (originally Record Land), in 1973. The company went public in July 1986 and expanded its footprint by acquiring several smaller or struggling businesses 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 acquisition anticipated to finalize by the end of October.[2]

In 2002, as part of a settlement involving 41 states concerning CD price-fixing practices, Trans World Entertainment—alongside retailers Musicland and Tower Records—agreed to pay a $3 million penalty.[3] Reports estimate that between 1995 and 2000 consumers were overcharged nearly $500 million in total, with markups reaching up to $5 per album.[4]

In February 2006, Trans World completed the acquisition of the Musicland Group. This purchase included ownership of brands such as Musicland, Discount Records, Sam Goody, Suncoast Motion Picture Company, Media Play, and On Cue stores.[5]

Between 2006 and 2010, Trans World consistently 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 was driven by 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-conscious products. In 2013, following the acquisition of Ecomom, it transitioned its brand identity to etailz.

After Trans World reported a $14 million loss in Q3 2018, etailz reduced its workforce by 20% 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 exiting the physical retail sector and retaining etailz as its sole subsidiary.

March 2020 saw a reorganization of Trans World's board of directors alongside the CEO’s resignation. The board welcomed new members to strengthen the company’s commitment to ecommerce, including Tom Simpson, co-founder of etailz.

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, was renamed Kaspien, uniting both entities under a single brand and emphasizing a strategic shift toward ecommerce.

Company Closure

Kaspien declared in December 2023 that it would cease all operations permanently as of May 1, 2024.

Retail Chains Previously Owned Before the Sunrise Records Acquisition

Defunct Chains

"Saturday Matinee" redirects here; not to be confused with Eddie Brandt § Eddie Brandt's Saturday Matinee.
  • Camelot Music
  • CD World: Presence in New Jersey and Missouri
  • Disc Jockey: Southern United States mall-based chain
  • Incredible Universe, a joint venture with Tandy Corporation: Nationwide with 17 locations; 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: Operated across New England states
  • On Cue: Nationwide chain later rebranded as Sam Goody
  • Planet Music: Located in Virginia Beach, Virginia
  • Peaches: Formerly nationwide
  • Record & Tape Traders: Multiple Baltimore-area locations; final store in Towson, Maryland closed in 2019
  • Record Factory: Based in Brisbane, California
  • Record Land: Nationwide mall-based stores
  • Record Town: Nationwide mall-based chain
  • Record World: Operated in Mid-Atlantic and New England states with mall locations
  • Saturday Matinee: Currently only one store remains at Rockaway Townsquare in Rockaway, New Jersey; other outlets have closed or converted to Suncoast; previously present across numerous states including California and New York
  • 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: Located primarily in Missouri and the Midwest region
  • Tape World: Nationwide mall-based chain
  • Vibrations: South Florida-based retailer
  • The Wall: Served Mid-Atlantic states
  • Wall To Wall Sound & Video / Listening Booth: Mid-Atlantic region stores later converted to The Wall branding
  • 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 from Wherehouse and liquidated about one-third of them. The Wherehouse online platform continued until its closure on October 9, 2018.

References

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External links

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