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Sunrise Records Completes FYE Acquisition From Trans World Entertainment

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Sunrise Records has completed its acquisition of Trans World Entertainment assets, including the FYE chain, which gives the Canadian-based chain that also owns HMV about 400 outlets in North America a

nd the U.K.

While the agreement calls for Sunrise to pay Trans World $10 million for the assets, it also applies a formula that would see the final price at about $11.5 million. That's based on Jan. 20 inventory levels at the retail chain worth $44 million, according to the filing. Trans World will continue to run online merchandiser eTailz.

The deal brings Sunrise into the U.S. where FYE has about 200 stores. Sunrise's also operates 85 Sunrise and HMV stores in Canada and about 115 HMV stores in the U.K. Trans World share price closed up 20 cents at $3.50 on Thursday before the acquisition's expected completion was announced hours later.

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