______________________________________________________________________________
TRANS WORLD ENTERTAINMENT CORPORATION
**** NEWS RELEASE ****
______________________________________________________________________________
MWW/Strategic Communications, Inc.
Public Relations (201) 507-9500
Media Contact: Michael Kempner - mkempner@mww.com
Rob Swadosh - rswadosh@mww.com
Investor Contact: Robert Ferris - rferris@mww.com
FOR IMMEDIATE RELEASE
---------------------
TRANS WORLD ENTERTAINMENT SIGNS LETTER OF INTENT TO
ACQUIRE STRAWBERRIES INC.
Albany, NY, August 4, 1997 -- Trans World Entertainment Corporation
(Nasdaq National Market: TWMC) today announced that it signed a letter of
intent to acquire substantially all of the assets of Strawberries Inc., a
privately-held retailer of pre-recorded music and video based in Milford,
MA. Strawberries operates 118 freestanding and strip center locations
primarily located in the New England and Washington, DC markets. Final
closing of the acquisition is subject to the approval of the U.S. District
Court, the Boards of Trans World Entertainment and Strawberries as well as
further due diligence and signing of a definitive agreement. Robert J.
Higgins, Chairman, Chief Executive Officer and President of Trans World
commented, "The acquisition of Strawberries, with its concentrated
non-mall store format, offers Trans World additional opportunities to add
value to our existing portfolio of stores, enhance overall operating
performance and further strengthen our position within the industry."
Trans World Entertainment operates 468 retail stores in malls,
freestanding and strip center locations under several names, including
Record Town, Coconuts Music and Movies, Saturday Matinee and F.Y.E.
Certain statements in this report 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.
# # #