, Nov. 28, 2012 /PRNewswire/ -- Trans World Entertainment Corporation (Nasdaq: TWMC) announced a special cash dividend of
per common share, payable
December 26, 2012
, to shareholders of record at the close of business on
December 10, 2012
. The total special dividend payout is estimated to be
to be paid from cash on hand.
In addition, the Company announced the completion of the sale of real property owned in
, Florida. The Company received consideration of
for the property.
"We are pleased to reward our shareholders with a special dividend. We continue to maintain strong financial flexibility and working capital to fund our growth initiatives," said
Robert J. Higgins
, Chairman and Chief Executive Officer.
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
District of Columbia
U.S. Virgin Islands
, primarily under the names
for your entertainment
and on the web at
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 Corporation