Trans World Entertainment, former corporate owner of the last standalone home entertainment retail chain, f.y.e., is formally changing its name to Kaspien Holdings. The new name and Wall Street ticker (KSPN) become effective Sept. 8.
Trans World Entertainment in January sold the f.y.e. music, video and collectibles retail business for $10 million in cash to a subsidiary of Sunrise Records and Entertainment Ltd. in Canada. Sunrise also owns music retailer chain HMV in Canada and London.
The company now owns and runs the former eTailz.com, a Spokane, Wash.-based e-commerce platform. As a result, renamed Kaspien will now market software and services for third-party brands to grow online distribution channels on Amazon, Walmart and eBay, among others.
The restructuring, which includes a new CEO and board of directors, has its work cut out for it going forward. The eTailz.com segment narrowed its fiscal-year loss (ended May 4) to $6.4 million from $72.3 million in the previous-year period. But revenue declined almost 30% to $133.2 million, from $186.9 million a year ago.