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Trans World to Buy Back Shares

30 May, 2003 By: Joan Villa

Trans World Entertainment will buy back up to 10 million shares of stock out of 38.9 million shares outstanding as part of a repurchase plan announced last week. Chairman and CEO Robert J. Higgins said the plan would deliver additional value to shareholders “given Trans World's strong financial condition.” He added, “We continue to believe the stock of Trans World Entertainment is undervalued and represents an excellent investment opportunity.” Trans World, which operates mall-based FYE and freestanding Coconuts Music and Movies, Strawberries Music, Spec's and Planet Music stores in 46 states, last completed a repurchase of 15 million shares in January.

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