SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13D-2-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-1(A) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(A)
(Amendment No. 5)(1)
TRANS WORLD ENTERTAINMENT CORPORATION
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
89336Q100
(CUSIP Number)
RILEY INVESTMENT MANAGEMENT LLC
ATTN: BRYANT R. RILEY
11100 SANTA MONICA BLVD.
SUITE 810
LOS ANGELES, CA 90025
(310) 966-1445
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
SEPTEMBER 16, 2008
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box: |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
--------------
1 The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 89336Q10 13D Page 2
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Riley Investment Partners Master Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,046,233
---------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,046,233
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,046,233
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
----------
(1) Based on 31,269,111 shares of common stock of Trans World Entertainment
Corporation (the "Issuer") outstanding at August 31, 2008, as reported in the
Issuer's Quarterly Report on Form 10-Q for the quarter ended August 2, 2008
filed with the Securities and Exchange Commission on September 11, 2008.
CUSIP No. 89336Q10 13D Page 3
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Riley Investment Management LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,594,008(2)
---------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,437,417(3)
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,594,008(2)
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 1,437,417(3)
---------------------- ------ --------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,905,446(3)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES*
[x]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.3%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
--------------------------------------------------------------------------------
----------
(2) Because Riley Investment Management LLC has sole investment and voting power
over 1,046,233 shares of Common Stock held by Riley Investment Partners Master
Fund, L.P. and 547,775 shares held in managed accounts by its investment
advisory clients, Riley Investment Management LLC may be deemed to have
beneficial ownership of these shares.
(3) Riley Investment Management LLC has shared voting and dispositive power over
1,437,417 shares of Common Stock held by its investment advisory clients,
1,311,438 of which are held by investment advisory accounts indirectly
affiliated with Mr. Riley or Riley Investment Partners Master Fund, L.P.
However, Riley Investment Management LLC disclaims beneficial ownership of the
non-affiliated shares.
CUSIP No. 89336Q10 13D Page 4
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
B. Riley & Co., LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 218,270
---------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 95,135(4)
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 218,270
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 95,135(4)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
313,405
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BD
--------------------------------------------------------------------------------
----------
(4) B. Riley & Co., LLC has shared voting and dispositive power over 95,135
shares of Common Stock held by a managed account, with which it is indirectly
affiliated.
CUSIP No. 89336Q10 13D Page 4
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON
Bryant R. Riley
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
[ ]
--------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,780,133(5)
---------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,564,697(6)
---------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,780,133(5)
---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 1,564,697(6)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,218,851(6)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES*
[x]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.3%(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
----------
(5) Because Riley Investment Management LLC has sole voting and investment power
over security holdings of Riley Investment Partners Master Fund, L.P.'s and
certain managed accounts of its investment advisory clients and Mr. Riley, in
his role as the sole manager of Riley Investment Management LLC, controls its
voting and investment decisions, each of Riley Investment Partners Master Fund,
L.P., Riley Investment Management LLC, and Mr. Riley may be deemed to have
beneficial ownership of the 1,046,233 shares of Common Stock held by Riley
Investment Partners Master Fund, L.P. and 547,775 shares held in managed
accounts by its investment advisory clients. B. Riley & Co., LLC has sole voting
and dispositive power over 218,270 shares of Common Stock. Mr. Riley is the
Chairman and sole equity owner of B. Riley & Co., LLC.
(6) Riley Investment Management LLC has shared voting and dispositive power over
1,437,417 shares of Common Stock held by its investment advisory clients,
1,311,438 of which are held by investment advisory accounts indirectly
affiliated with Mr. Riley or Riley Investment Partners Master Fund, L.P.
Although Mr. Riley controls Riley Investment Management LLC's voting and
investment decisions for its investment advisory clients, Mr. Riley disclaims
beneficial ownership of the non-affiliated shares. B. Riley & Co., LLC has
shared voting and dispositive power over 95,135 shares of Common Stock. Mr.
Riley is the Chairman and sole equity owner of B. Riley & Co., LLC.
CUSIP No. 89336Q10 13D Page 4
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: September 18, 2008
Riley Investment Partners Master Fund, L.P.
By: Riley Investment Management LLC,
its General Partner
By: /s/ Bryant R. Riley
-----------------------------------
Bryant R. Riley, Managing Member
Riley Investment Management LLC
By: /s/ Bryant R. Riley
-----------------------------------
Bryant R. Riley, Managing Member
B. Riley & Co, LLC
By: /s/ Bryant R. Riley
-----------------------------------
Bryant R. Riley, Chairman
By: /s/ Bryant R. Riley
-----------------------------------
Bryant R. Riley