Trans World Gets Court Nod for Musicland22 Mar, 2006 By: Erik Gruenwedel
Trans World Entertainment March 22 announced that the U.S. Bankruptcy Court has approved its $104.2 million acquisition of bankrupt Musicland Holding Corp.
The cash deal, which includes $18.1 million in assumed liabilities, is set to close March 27.
Minneapolis-based Musicland, which owns retail chains Sam Goody, Suncoast Motion Picture Company, On Cue and MediaPlay.com, filed for Chapter 11 protection in January shuttering half of its 800 stores.
“This transaction will increase our national footprint providing import operational and marketing synergies and we believe the acquisition will be accretive to our 2006 results,” said Robert Higgins, chairman and CEO of Albany, N.Y.-based Trans World.