Kaspien

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Kaspien
TypePublic
NASDAQKSPN
Russell Microcap Index component
IndustryRetail
FoundedDecember 1972; 48 years ago (1972-12)
FounderRobert J. Higgins
HeadquartersSpokane, Washington, U.S.
Key people
Kunal Chopra (CEO)
Websitekaspien.com

Kaspien Holdings (formerly Trans World Entertainment) is an American company that provides software and services for ecommerce. Kaspien Holdings operates on Amazon in the United States, Canada, United Kingdom, Spain, France, Italy, Germany, the Netherlands, Sweden, and India, as well as Walmart Marketplace, eBay, Google Shopping, and Target. It's CEO is Kunal Chopra, who's held the position since September 2019.

History[edit]

Trans World Entertainment Corporation[edit]

Based in Albany, New York, Trans World was founded in 1972 by Robert Higgins. It opened its first store, Record Town (formerly Record Land), in 1973. The company went public in July 1986 and has expanded through acquisitions of a number of smaller or failing companies including Strawberries, Camelot Music, and Wherehouse Entertainment.

On September 23, 2000, Trans World signed a definitive agreement to acquire the assets of WaxWorks, and the deal was expected to close by the end of October.[1]

As part of a 2002 settlement with 41 states over CD price fixing, Trans World Entertainment, along with retailers Musicland and Tower Records, agreed to pay a $3 million fine.[2] It is estimated that between 1995 and 2000 customers were overcharged by nearly $500 million and up to $5 per album.[3]

In February 2006, Trans World acquired the Musicland Group, which owned Sam Goody, Suncoast Motion Picture Company, and Media Play. The buyout included a handful of On Cue stores.[4]

Trans World operated at a net loss from 2006 to 2010. In fiscal year 2011 it turned a profit of $2.2 million (compared to a $31 million loss in FY 2010). The company closed some locations and increased margins on its products.[5]

Acquiring etailz, Inc.[edit]

In October 2016, Trans World acquired etailz, Inc, a third-party online retailer, for $76 million.[6] 

etailz was founded in 2008 by Josh Neblett, Sarah Wollnick (now Sarah Neblett), and Tom Simpson as GreenCupboards and had operated as a niche retailer of eco-friendly products.[7] The company rebranded to etailz in 2013 after acquiring Ecomom.[8]  

In January 2019, etailz laid off 20 percent of its workforce after Trans World reported a $14 million loss in the third quarter of 2018.[9] etailz's founder and CEO left the company shortly thereafter in March 2019.[10] In September 2019, etailz hired a new CEO, Kunal Chopra.[11]

In January 2020, Trans World sold its FYE segment for $10 million to Sunrise Records and Entertainment Ltd., severing its ties to physical retail stores and leaving etailz as its only remaining subsidiary.[12] 

In March 2020, Trans World reconstituted its board of directors and its CEO stepped down.[13] New members joined the board to reinforce the company's focus on ecommerce, including etailz founder Tom Simpson.

Rebranding to Kaspien Holdings[edit]

On September 3, 2020, Trans World Entertainment rebranded to Kaspien Holdings. Its remaining subsidiary, etailz, also changed their name to Kaspien, merging the two companies and solidifying the focus on ecommerce.[14]

Formerly owned chains before sale to Sunrise Records[edit]

Defunct[edit]

References[edit]

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  2. ^ "CD Price Fixing Suit Settled For $143 Million". Billboard. 2002-10-01. Retrieved 2016-04-26.
  3. ^ Stephen Labaton (2000-05-11). "5 Music Companies Settle Federal Case On CD Price-Fixing". The New York Times. Retrieved 2016-04-26.
  4. ^ "Trans World Entertainment Completes Asset Acquisition of Musicland Holding Corp". Trans World Entertainment Corporation. 29 March 2006. Retrieved 1 February 2020.
  5. ^ DeMasi, Michael. "FYE owner Trans World reports first fiscal-year profit since 2006". The Business Review. Retrieved 8 May 2012.
  6. ^ Corp, Trans World Entertainment (2016-10-17). "Trans World Entertainment Corporation Announces the Purchase of etailz, Inc., Digital Marketplace Retail Expert". GlobeNewswire News Room. Retrieved 2020-09-17.
  7. ^ "Green retailer GreenCupboards says sales are on rise > Spokane Journal of Business". www.spokanejournal.com. Retrieved 2020-09-17.
  8. ^ "GreenCupboards buys assets of Ecomom after founder's suicide". GeekWire. 2013-04-24. Retrieved 2020-09-17.
  9. ^ "Etailz reduces staff following parent company losses | The Spokesman-Review". www.spokesman.com. Retrieved 2020-09-17.
  10. ^ "Etailz CEO and co-founder Josh Neblett no longer with company, executive says | The Spokesman-Review". www.spokesman.com. Retrieved 2020-09-17.
  11. ^ "Etailz names new CEO > Spokane Journal of Business". www.spokanejournal.com. Retrieved 2020-09-17.
  12. ^ Corp, Trans World Entertainment (2020-01-23). "Trans World Entertainment Corporation Announces Agreement to Sell FYE Segment". GlobeNewswire News Room. Retrieved 2020-09-17.
  13. ^ Corp, Trans World Entertainment (2020-03-31). "Trans World Entertainment Corporation Announces New Financing, Board Changes and Company Refocus". GlobeNewswire News Room. Retrieved 2020-09-17.
  14. ^ "'etailz' Rebrands as 'Kaspien' to Better Support Online Brand Growth". PRWeb. Retrieved 2020-09-17.
  15. ^ a b https://exclaim.ca/music/article/sunrise_records_to_acquire_u_s_entertainment_chain_fye
  16. ^ "Trans World to buy CD World". The Business Review. September 18, 2003.
  17. ^ Johnson, Greg (September 19, 2003). "Trans World to buy bankrupt CD World". Daily Deal.
  18. ^ Kwok, Chern Yeh (July 9, 2002). "Streetside, CD World Will Merge: Record Company's Local Stores Will Operate The Same Way They Have In The Past". St Louis Post-Dispatch. Archived from the original on September 5, 2015 – via HighBeam Research.
  19. ^ "Trans World absorbs Disc Jockey music chain". The Business Review. October 31, 2000.
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  21. ^ "Billboard". Nielsen Business Media, Inc. 1985-09-21.
  22. ^ "Groovy old 1970 pic of Tower Records, San Francisco, CSN&Y "Déjà Vu "just released, only $2.88!".
  23. ^ Christman, Ed (December 28, 2002). "Tower Records' Struggle Reflected Industry's Turmoil". Billboard. 114 (52). p. 45. Alternate Link via ProQuest.
  24. ^ Tellijohn, Andrew (May 12, 2002). "On Cue brand will become Sam Goody". Minneapolis St. Paul Business Journal.
  25. ^ Heller, Laura (April 22, 2002). "Best Buy converts On Cue stores to Sam Goody name". DSN Retailing Today. 41 (8). pp. 5, 27. Link via ProQuest.
  26. ^ Garrity, Brian & Benz, Matthew (April 13, 2002). "On Cue Rebranding As Sam Goody". Billboard. 114 (15). p. 63. Alternate link via ProQuest.
  27. ^ "Record and Tape Traders Towson". www.facebook.com. Retrieved 3 December 2019.
  28. ^ a b Groves, Martha (1986-06-13). "Record Factory to Sell 23 Stores to Wherehouse". Los Angeles Times.
  29. ^ "Billboard". Nielsen Business Media, Inc. 1977-11-26.
  30. ^ "PUBLIC RECORDS DIRECTORY - Sterling Lanier".
  31. ^ Billboard - Feb 3, 1979 - Vol. 91, No. 5 "Record Factory's parent company. Mighty Fine Distributing. Brisbane, Calif"
  32. ^ "Spin Street to close its doors". WMC 5 Action News. 8 November 2017. Retrieved 1 February 2020.
  33. ^ "Video Supplier Has New Chief". New York Times. December 31, 1993.
  34. ^ "Partnership Buys Control Of Strawberries Inc". New York Times. September 1, 1994.
  35. ^ "Trans World closes on Strawberries deal". The Business Review. October 9, 1997.
  36. ^ Cuff, Daniel F. (October 25, 1989). "New Strawberries Chief To Expand Music Chain". New York Times.
  37. ^ Snow, Anita (August 22, 1989). "Video Company Chief, Wife Found Fatally Shot In Mansion Home". Associated Press.
  38. ^ "RIP Streetside Records Delmar". Playback STL. December 24, 2007. Archived from the original on December 26, 2007.
  39. ^ Shrubshell, Don (December 6, 2012). "Streetside Records to close next month". Columbia Daily Tribune.
  40. ^ a b Chapman, Francesca (September 23, 1993). "Handwriting On The Wall Wee Three Record Outlet Spinning Into A Bigger Chain". Philadelphia Daily News.
  41. ^ "Camelot Music Agrees to Purchase The Wall; Camelot Music and WH Smith PLC Announce Signing of Letter of Intent". PR Newswire (Press release). October 31, 1997 – via The Free Library.
  42. ^ Kasrel, Deni (December 5, 1997). "Bankrupt buyers woo The Wall. (Camelot Music Inc.)". Philadelphia Business Journal.
  43. ^ Burke, Richard (July 21, 1990). "Wall To Wall Sound Files Petition For Bankruptcy Relief In Phila". Philadelphia Inquirer.
  44. ^ Simmons, Sheila (May 16, 1990). "Wall To Wall Stressing Software". Philadelphia Daily News.
  45. ^ "Articles about Wherehouse by Date - Page 5 - latimes". articles.latimes.com. Retrieved 7 January 2019.
  46. ^ Leeds, Jeff (January 22, 2003). "Wherehouse Files for Chapter 11". Los Angeles Times.
  47. ^ "Wherehouse Music stores' parent files for bankruptcy". St. Louis Business Journal. January 21, 2003.
  48. ^ "Court OKs Purchase of Wherehouse Stores". Los Angeles Times. October 1, 2003.
  49. ^ Christman, Ed (October 11, 2003). "TransWorld Trumps Sun Capital In Its Bid For Wherehouse". Billboard. 115 (41). p. 73. ISSN 0006-2510.
  50. ^ "SecondSpin - Buy and sell used CDs, DVDs, Blu-Ray and Games".

External links[edit]