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ALBANY, N.Y., Jan. 19, 2017 -- Trans World Entertainment Corporation (NASDAQ:TWMC) today announced that on January 17, 2017 the Company entered into an amended five-year revolving secured credit agreement with Wells Fargo Capital Finance, a division of Wells Fargo & Company of up to $75 million. The new credit facility amends the Company’s previous facility and will provide capital for general corporate purposes. The amended facility allows for availability of $50 million with a seasonal adjustment up to $75 million at the Company’s option.
Mike Feurer, Chief Executive Officer, commented, “We are pleased to continue our relationship with Wells Fargo. Our amended credit facility affords us the ability to match our borrowing capacity with our availability during the year and provides flexibility during the holiday season while at the same time lowering our borrowing costs. It underscores the financial strength of Trans World Entertainment and helps ensure our ability to fund growth and strategic initiatives over the next five years.”
Trans World Entertainment is a unique omni-channel retailer coupling a long history of specialty retail experience with newly acquired digital marketplace expertise. For over 40 years, the company has operated as a leading specialty retailer of entertainment and pop culture merchandise with stores in the United States and Puerto Rico, primarily under the name FYE for your entertainment and on the web at www.fye.com and www.secondspin.com. In October 2016, the Company acquired etailz, Inc., a leading digital marketplace expert retailer, operating both domestically and internationally. etailz uses a data driven approach to digital marketplace retailing utilizing proprietary software and ecommerce insight coupled with a direct customer relationship engagement to identify new distributors and wholesalers, isolate emerging product trends, and optimize price positioning and inventory purchase decisions. Trans World Entertainment, which established itself as a public company in 1986, is traded on the Nasdaq National Market under the symbol “TWMC”.
Certain statements in this release set forth management's intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.
Trans World Entertainment John Anderson Chief Financial Officer (518) 452-1242 Financial Relations Board Marilynn Meek ([email protected]) (212) 827-3773
