ALBANY, N.Y., May 7, 2012 /PRNewswire/ -- Trans World Entertainment Corporation (NASDAQ: TWMC) today announced that on May 4, 2012 the Company entered into an amended five-year, $75 million revolving secured credit agreement with Wells Fargo Bank, National Association. The new credit facility amends the Company's previous facility and will provide capital for general corporate purposes.
During 2011, the Company did not have any borrowings under its credit facility. Currently, the Company doesn't have any loans outstanding on either the new or previous facility.
Robert J. Higgins, Chairman and Chief Executive Officer, commented, "We are pleased to have a strong financial partner in Wells Fargo. Our amended credit facility provides for reduced interest rates, lower costs and other positive terms. It underscores the financial strength of Trans World Entertainment and helps ensure our ability to fund growth and strategic initiatives over the next five years."
Trans World Entertainment is a leading specialty retailer of entertainment products, including video, music, electronics, trend, video games and related products. The Company operates retail stores in the United States, the District of Columbia, the U.S. Virgin Islands, and Puerto Rico, primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com, www.wherehouse.com, and www.secondspin.com.
Certain statements in this release set forth management's intentions, plans, beliefs, expectations or predictions of the future; based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.
SOURCE Trans World Entertainment Corp.