After exploring strategic alternatives, the board of Trans World Entertainment Corporation (NASDAQ: TWMC ) announced Thursday an agreement to sell most of the assets of its Record Town subsidiary to Sunrise Records and Entertainment. Among the assets is retail store FYE. The $10 million cash transaction includes the transfer of certain liabilities, and Sunrise expects to retain nearly all of the employees of FYE’s 270 stores. The Trans World board of directors unanimously approved the deal and will seek stockholder approval in an … Full story available on Benzinga.com
No summary available.