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"These stores represent an excellent fit both strategically and operationally with our free-standing format and provide us with a unique opportunity to expand our presence on the west coast and gain significant market share in Los Angeles."
——Robert Higgins
WHEREHOUSE TO BECOME PART OF TRANS WORLD’S WORLD
Consolidation to Happen Quickly
At least somebody’s buying music: Pending approval of the U.S. Bankruptcy Court for the District of Delaware, Trans World Entertainment Corp. will buy Wherehouse’s assets out of bankruptcy next month.

Trans World will pay $36 million in cash and $5 million in assumed debt for Wherehouse, which filed Chapter 11 in January. The company said it will keep 113 of the chain’s best-performing stores and liquidate the remaining 35 stores. At one point, Wherehouse operated 370 stores in 18 states. Trans World operates 831 stores in 46 stores under the Coconuts, Strawberries, Planet Music, Second Spin, Spec’s and FYE names.

Said Trans World Entertainment Chairman/CEO Robert Higgins: “These stores represent an excellent fit both strategically and operationally with our free-standing format and provide us with a unique opportunity to expand our presence on the west coast and gain significant market share in Los Angeles. This acquisition further validates our strategic plan of using our strong balance sheet to find financially attractive opportunities as our industry continues to consolidate. Plus, we can get $4 a pop for their CDs at the used store down the street.”

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