SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13D-2-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. )(1)
TRANS WORLD ENTERTAINMENT CORPORATION
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
89336Q100
(CUSIP Number)
RILEY INVESTMENT MANAGEMENT LLC
ATTN: BRYANT R. RILEY
11100 SANTA MONICA BLVD.
SUITE 810
LOS ANGELES, CA 90025
(310) 966-1445
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
January 12, 2009
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box: |x|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 89336Q10 13D Page 2
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Riley Investment Partners Master Fund, L.P.
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2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) [_]
(b) [X]
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
Cayman Islands
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7. Sole Voting Power
NUMBER OF 1,000
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,000
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
-0-
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,000
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12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
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13. Percent of Class Represented by Amount in Row (11) 0.0%(1)
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14. Type of Reporting Person (See Instructions) PN
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(1) Based on 31,269,111 shares of common stock of Trans World Entertainment
Corporation (the "Issuer") outstanding at November 30, 2008, as reported in the
Issuer's Quarterly Report on Form 10-Q for the quarter ended November 1, 2008
filed with the Securities and Exchange Commission on December 11, 2008.
CUSIP No. 89336Q10 13D Page 3
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Riley Investment Management LLC
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2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) [_]
(b) [X]
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3. SEC Use Only
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4. Source of Funds (See Instructions) AF
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
Delaware
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7. Sole Voting Power
NUMBER OF 1,066,173(2)
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 1,355,629(3)
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,066,173(2)
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
1,355,629(3)
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,888,799(3)
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12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [X]
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13. Percent of Class Represented by Amount in Row (11) 6.0%(1)
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14. Type of Reporting Person (See Instructions) IA
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(2) Because Riley Investment Management LLC has sole investment and voting
power over 1,000 shares of Common Stock held by Riley Investment Partners Master
Fund, L.P. and 1,065,173 shares held in managed accounts by its investment
advisory clients, Riley Investment Management LLC may be deemed to have
beneficial ownership of these shares.
(3) Riley Investment Management LLC has shared voting and dispositive power over
1,355,629 shares of Common Stock held by its investment advisory clients,
822,626 of which are held by investment advisory accounts indirectly affiliated
with Riley Investment Partners Master Fund, L.P. However, Riley Investment
Management LLC disclaims beneficial ownership of the non-affiliated shares.
CUSIP No. 89336Q10 13D Page 4
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
B. Riley & Co., LLC
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2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) [_]
(b) [X]
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
Delaware
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7. Sole Voting Power
NUMBER OF 114,135
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 114,135
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
-0-
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 114,135
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 0.4%(1)
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14. Type of Reporting Person (See Instructions) BD
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CUSIP No. 89336Q10 13D Page 5
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
B. Riley & Co. Retirement Trust
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2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) [_]
(b) [X]
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
California
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7. Sole Voting Power
NUMBER OF 34,148
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 34,148
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
-0-
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person 34,148
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 0.1%(1)
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14. Type of Reporting Person (See Instructions) EP
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CUSIP No. 89336Q10 13D Page 6
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Bryant R. Riley
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2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) [_]
(b) [X]
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3. SEC Use Only
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4. Source of Funds (See Instructions) AF
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
United States
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7. Sole Voting Power
NUMBER OF 1,213,356(4)
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 1,357,729(5)
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,213,356 (4)
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
1,357,729(5)
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 2,038,082(5)
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [X]
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13. Percent of Class Represented by Amount in Row (11) 6.5%(1)
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14. Type of Reporting Person (See Instructions) IN
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(4) Because Riley Investment Management LLC has sole voting and investment power
over security holdings of Riley Investment Partners Master Fund, L.P.'s and
certain managed accounts of its investment advisory clients and Mr. Riley, in
his role as the sole manager of Riley Investment Management LLC, controls its
voting and investment decisions Riley Investment Management LLC and Mr. Riley
may be deemed to have beneficial ownership of the 1,000 shares of Common Stock
held by Riley Investment Partners Master Fund, L.P. and 1,065,173 shares held in
managed accounts by its investment advisory clients. Includes 34,148 shares held
by the B. Riley & Co. Retirement Trust, of which Mr. Riley is the trustee.
Includes 112,035 shares held by B. Riley & Co., LLC over which Mr. Riley has
sole voting and dispositive power. Mr. Riley is the Chairman and sole indirect
equity owner of B. Riley & Co., LLC. Includes 1,000 shares held by Mr. Riley's
children.
(5) Riley Investment Management LLC has shared voting and dispositive power over
1,355,629 shares of Common Stock held by its investment advisory clients,
822,626 of which are held by investment advisory accounts indirectly affiliated
with Riley Investment Partners Master Fund, L.P. Although Mr. Riley controls
Riley Investment Management LLC's voting and investment decisions for its
investment advisory clients, Mr. Riley disclaims beneficial ownership of the
non-affiliated shares. Includes 2,100 shares held by B. Riley & Co., LLC. Mr.
Riley is the Chairman and sole indirect equity owner of B. Riley & Co., LLC.
CUSIP No. 89336Q10 13D Page 7
ITEM 1. SECURITY AND ISSUER
Common Stock ("Common Stock") of Trans World Entertainment
Corporation (the "Issuer")
38 Corporate Circle
Albany, New York 12203
ITEM 2. IDENTITY AND BACKGROUND
(a) (i) Riley Investment Partners Master Fund, L.P. (Cayman
Islands limited partnership)
Riley Investment Management LLC (Delaware limited liability
company)
Bryant Riley (individual residing in California)
(ii) B. Riley & Co., LLC (Delaware limited liability company)
B. Riley & Co. Retirement Trust
(b) Address of Principal Business Office or, if none, Residence
(i) 11100 Santa Monica Blvd.
Suite 810
Los Angeles, CA 90025
(ii) 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025
(c) Mr. Riley manages and owns all of the outstanding membership
interests of Riley Investment Management LLC ("RIM"), an SEC
registered investment adviser. RIM is the investment adviser
to and general partner of Riley Investment Partners Master
Fund, L.P. ("RIP"). RIM is the investment advisor to other
clients pursuant to investment advisory agreements. Mr. Riley
is the trustee of the B. Riley & Co. Retirement Trust
("BRCRT"). Mr. Riley is the sole indirect equity holder and
Chairman of B. Riley & Co., LLC ("BRC").
(d) N/A
(e) N/A
(f) United States
ITEM 3. SOURCE OR AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source of funding for the purchase of Common Stock was the
general working capital of the respective purchasers. Some of
the shares are held in margin accounts together with other
securities, and part of the purchase price of such shares may
have been purchased through margin borrowing.
CUSIP No. 89336Q10 13D Page 8
ITEM 4. PURPOSE OF THE TRANSACTION
The Reporting Persons acquired Issuer's securities reported on
this Schedule 13D because they believed such securities
represented an attractive investment.
On January 12, 2009, Mr. Riley was appointed to the Board of
Directors of the Issuer.
The Reporting Persons may determine to change their investment
intent with respect to the Issuer in the future. The Reporting
Persons intend to vote their respective shares of Common Stock
individually as each Reporting Person deems appropriate from
time to time. In determining whether to sell or retain their
shares of Common Stock, the applicable Reporting Person will
take into consideration such factors as it deems relevant,
including without limitation Issuer's business and prospects,
anticipated future developments, existing and anticipated
market conditions, general economic conditions, and other
opportunities available to the Reporting Person. The Reporting
Persons reserve the right to acquire additional securities
from Issuer in the open market, in privately negotiated
transactions, or otherwise, to dispose of all or a portion of
its holdings in Issuer's securities, or to change their
intention with respect to any or all of the matters referred
to in this Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) With respect to each Reporting Person, see the response set
forth in Rows 11 and 13, including the footnotes thereto.
(b) See Item 5(a) and, with respect to each Reporting Person, the
responses to Rows 7 through 10 set forth for such Reporting
Person on the cover pages hereto.
(c) In the ordinary course of business, BRC may effect
transactions in connection with its ordinary course market
making activities, as well as for customer transactions. The
following are the other transactions in the past 60 days.
CUSIP No. 89336Q10 13D Page 9
TYPE TRAN CODE QUANTITY PRICE TRADE DATE
BRC (including managed account) SL 25,000 2.05 11/14/2008
SL 65,135 1.67 11/20/2008
SL 95,135 1.59 11/21/2008 *
BY 95,135 1.59 11/21/2008 *
BY 65,135 1.59 11/24/2008 *
SL 65,135 1.59 11/24/2008 *
BY 5,000 1.25 12/19/2008
BY 5,000 1.2 12/19/2008
BY 5,000 1.09 12/26/2008
BY 2,500 1.15 12/30/2008
BY 510 1.1 12/30/2008
BY 379 1.05 12/31/2008
BY 300 1.07 12/31/2008
BY 1,400 1.06 12/31/2008
BY 5,000 1.31 12/31/2008
BY 200 1.03 12/31/2008
BY 15,000 1.2222 12/31/2008
BY 1,869 1.07 1/5/2009
BY 12,500 1.1 1/5/2009
BY 100 1.27 1/6/2009
BY 100 1.28 1/6/2009
BY 200 1.3 1/6/2009
BY 11,900 1.27 1/6/2009
BY 1,286 1.26 1/6/2009
BY 5,800 1.28 1/6/2009
BY 1,408 1.26 1/6/2009
BY 5,000 1.1 1/9/2009
BY 305,000 1.67 11/20/2008
Investment Advisory Clients SL 440,697 1.67 11/20/2008
BY 3,029 1.4359 11/25/2008
BY 8,035 1.4929 11/26/2008
BY 5,000 1.3227 12/9/2008
BY 5,496 1.3147 12/10/2008
BY 5,300 1.2692 12/11/2008
BY 700 1.1743 12/12/2008
BY 2,000 1.26 12/15/2008
BY 10,964 1.2182 12/16/2008
BY 37,500 1.25 12/19/2008
SL 227,200 1.25 12/19/2008
BY 234,060 1.15 1/5/2009 *
SL 234,060 1.15 1/5/2009 *
SL 103,338 1.0176 1/13/2009 *
BY 103,338 1.0176 1/13/2009 *
*Crosses between accounts
(d) RIM's advisory clients are entitled to any dividends or proceeds
paid with respect to stock held by such persons.
(e) Not applicable.
CUSIP No. 89336Q10 13D Page 10
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
The relationships between Mr. Riley, RIM, RIP, BRC and BRCRT
are described above under Item 2(c) above. The relationship
between RIM and other investment advisory clients is described
under Item 2(c) above.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
NONE
CUSIP No. 89336Q10 13D Page 11
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: January 14, 2009
Riley Investment Partners Master Fund, L.P.
By: Riley Investment Management LLC, its
General Partner
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley, Managing Member
Riley Investment Management LLC
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley, Managing Member
B. Riley & Co, LLC
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley, Chairman
B. Riley & Co. Retirement Trust
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley, Trustee
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley