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. 7)(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)
OCTOBER 31, 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
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Riley Investment Partners Master Fund, L.P.
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
WC
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Cayman Islands
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7. Sole Voting Power
NUMBER OF 1,000
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,000
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
-0-
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
1,000
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [_]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
0.0%(1)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
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
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Riley Investment Management LLC
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
AF
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
--------------------------------------------------------------------------------
7. Sole Voting Power
NUMBER OF 728,775(2)
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 1,977,900(3)
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 728,775(2)
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
1,977,900(3)
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,556,696(3)
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [X]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
8.2%(1)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IA
--------------------------------------------------------------------------------
____________
(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.
(2) Because Riley Investment Management LLC has sole investment and voting power
over 1,000 shares of Common Stock held by Riley Investment Partners Master
Fund, L.P. and 727,775 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
1,977,900 shares of Common Stock held by its investment advisory clients,
1,827,921 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
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
B. Riley & Co., LLC
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
WC
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
--------------------------------------------------------------------------------
7. Sole Voting Power
NUMBER OF 26,583
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 95,135(4)
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 26,583
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
95,135(4)
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
121,718
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [X]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
0.4%(1)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
BD
--------------------------------------------------------------------------------
____________
(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.
(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 5
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
B. Riley & Co. Retirement Trust
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
WC
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization
California
--------------------------------------------------------------------------------
7. Sole Voting Power
NUMBER OF 34,148
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 34,148
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
-0-
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
34,148
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [X]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
0.1%(1)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
BD
--------------------------------------------------------------------------------
____________
(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 6
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1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Bryant R. Riley
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
(a) [_]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
AF
--------------------------------------------------------------------------------
5. Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization
United States
--------------------------------------------------------------------------------
7. Sole Voting Power
NUMBER OF 790,506(5)
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 2,073,035(6)
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 790,506(5)
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
2,073,035(6)
--------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,713,562(6)
--------------------------------------------------------------------------------
12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [X]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
8.7%(1)
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
--------------------------------------------------------------------------------
____________
(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.
(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 Riley Investment Management LLC and Mr. Riley
may be deemed to have beneficial ownership of the 1,000 shares of Common Stock
held by Riley Investment Partners Master Fund, L.P. and 727,775 shares held in
managed accounts by its investment advisory clients. Includes 34,148 shares held
by the B. Riley & Co. Retirement Trust, of which Mr. Riley is the trustee.
Includes 26,583 shares held by B. Riley & Co., LLC over which Mr. Riley has sole
voting and dispositive power. Mr. Riley is the Chairman and sole indirect equity
owner of B. Riley & Co., LLC. Includes 1,000 shares held by Mr. Riley's
children.
(6) Riley Investment Management LLC has shared voting and dispositive power over
1,977,900 shares of Common Stock held by its investment advisory clients,
1,827,921 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 indirect equity owner of B. Riley & Co., LLC.
CUSIP No. 89336Q10 13D Page 7
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(c) On November 7, 2008, the Master Fund transferred 500,000 shares to
an affiliated managed account at the closing market price of $2.13. On November
10, 2008, the Master Fund transferred 16,483 shares to an affiliated managed
account at the closing market price of $2.35.
CUSIP No. 89336Q10 13D Page 8
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: November 12, 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
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Bryant R. Riley, Managing Member
B. Riley & Co, LLC
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley, Chairman
B. Riley & Co. Retirement Trust
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley, Trustee
By: /s/ Bryant R. Riley
---------------------------------------
Bryant R. Riley