Sherwood drops bid for Trans World Entertainment, ownership interest slips below 5%

By Lisa Kerner

Charlotte, N.C., June 4 - Sherwood Investments Overseas Ltd. decided it would not pursue a transaction with Trans World Entertainment Corp. at this time, a schedule 13D filing with the Securities and Exchange Commission said.

The investor and its affiliates may pursue other alternatives to maximize the value of their investment in Trans World and may contact and consult with other shareholders of the company.

It was reported on Nov. 29, 2007 that Sherwood proposed a $7-per-share buyout of Trans World. The companies entered into a confidentially agreement in December.

Sherwood also cut its stake in Trans World to 2.03% after selling 1,190,100 shares between May 2 and June 3 priced from $2.53 to $3.65 each, according to the filing.

Based in Albany, N.Y., Trans World is a specialty retailer of entertainment software, including music, home video and video games.

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