Trans World Buys Musicland

Trans World Entertainment Corp. announced March 22nd that a New York bankruptcy court approved the company’s bid to acquire all the assets of Musicland Holding Corp. for $104 million in cash and $18 million in assumed liabilities.

Musicland, which filed for Chapter 11 in January, operates 400 Sam Goody music stores and Suncoast video stores nationwide.

Trans World said it plans to retain 335 of Musicland’s most productive stores and liquidate the remaining 65 through a joint venture with Hilco Merchant Resources, a company specializing in shuttering stores.

The sale of outlets in New York, New Jersey, California and other states was scheduled to close by April 4th, according to New York’s Times Union.

Trans World owns the Coconuts, Wherehouse, Record Town, Planet Music and FYE chains.