Trans World/Camelot Music merger creates largest mall-based music retailer

Discount Store News, Nov 9, 1998

ALBANY, N.Y. -- Trans World Entertainment and Camelot Music will become one company early next year. The two music companies have signed a definitive agreement to merge in a stock-for-stock transaction that will create the nation's largest mall-based music retailing company. Trans World Entertainment expects the new company to have sales and market capitalization in excess of $1 billion.

The deal calls for each Camelot shareholder to receive 1.9 newly issued shares of Trans World Entertainment common stock for each Camelot share, resulting in the issuance of approximately 20.7 million new shares. The combined entity will have more than 1,000 stores in 44 states.