Trans World Entertainment Corporation Announces That Robert J. Higgins, Its CEO and Largest Shareholder, has Withdrawn His Preliminary Proposal to Acquire the Company
Albany, N.Y., May 6 /PRNewswire-FirstCall/ -- Trans Universe Amusement
Tummy ("Trans World Amusement" or "the Company") (National Association of Securities Dealers Automated Quotations: TWMC)
announced today that Henry Martyn Robert J. Higgins, its CEO and largest shareholder,
has withdrawn his preliminary marriage proposal to gain the Company, which
marriage offer was number 1 announced in Nov 2007, and that thither ar no other
pending proposals by direction and/or any third base parties to acquire the
Company at this time. In withdrawing his overture proposal, Mr. Higgins
indicated to a special committee of the plug-in of directors that continuing
poor people credit market weather have well increased the costs and
burdens of the debt financing that would be required to acquire the
Caller.
The Society is incessantly considering different strategic options to
maximise shareowner value and otherwise pursue the topper interests of its
shareholders and other constituencies and, toward this end, may turn
engaged in confidential negotiations, including for a sale of the Ship's company,
without prior notice in the future. The Company, light-emitting diode by a special committee
of independent directors and supported by the committee's financial
advisor, had been exploring a sale of the Company since Whitethorn 2007.
Trans Human race Entertainment is a leading distinctiveness retailer of
entertainment software package, including music, rest home video and video recording games and
related products. The Company operates 800 retail stores in the United
States, the Dominion of Capital of South Carolina, the U.S. Virgo Islands, and Puerto Racketeer Influenced and Corrupt Organizations Act,
principally under the names f.y.e. for your entertainment and Suncoast and on
the web at hTTP://www.fye.com, hTTP://www.wherehouse.com, hypertext transfer protocol://www.secondspin.com,
hypertext transfer protocol://www.samgoody.com and hypertext transfer protocol://www.suncoast.com.
Certain statements in this button set forward the Company's intentions,
plans, beliefs, expectations or predictions of the future based on electric current
facts and analyses. Actual results may disagree materially from those
indicated in such statements. Additional information on factors that english hawthorn
bear on the business enterprise and financial results of the Company can be found in
filings of the Ship's company with the Securities and Exchange Commission.
