UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )*
TRANS WORLD ENTERTAINMENT CORPORATION
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
89336Q100
(CUSIP Number)
DECEMBER 30, 2008
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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. 89336Q100
--------- ----------------------------------------------------------------------
1 Name of Reporting Persons.
I.R.S. Identification Nos. of above person (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 Citizenship or Place of Organization
Cayman Islands
--------- ----------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares 1,000
------ --------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by 0
------ --------------------------------------------------
Each 7 Sole Dispositive Power
Reporting 1,000
------ --------------------------------------------------
Person 8 Shared Dispositive Power
With 0
--------- ----------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,000
--------- ----------------------------------------------------------------------
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
--------- ----------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
0.0%(1)
--------- ----------------------------------------------------------------------
12 Type Of Reporting Person (See Instructions)
PN
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____________
(1) Based on 31,269,111 shares of common stock of Trans World Entertainment
Corporation (the "Issuer") outstanding at November 30, 2008, as reported
in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
November 1, 2008 filed with the Securities and Exchange Commission on
December 11, 2008.
2
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1 Name of Reporting Persons.
I.R.S. Identification Nos. of above person (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 Citizenship or Place of Organization
Delaware
--------- ----------------------------------------------------------------------
Number of 5 Sole Voting Power
Shares 728,775(2)
------ --------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by 1,693,027(3)
------ --------------------------------------------------
Each 7 Sole Dispositive Power
Reporting 728,775(2)
------ --------------------------------------------------
Person 8 Shared Dispositive Power
With 1,693,027(3)
--------- ----------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,888,799(3)
--------- ----------------------------------------------------------------------
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[x]
--------- ----------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
5.4%(1)
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12 Type Of Reporting Person (See Instructions)
IA
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__________
(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 of Common Stock held by managed
accounts of 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 1,693,027 shares of Common Stock held by its investment advisory
clients, 1,160,024 of which are held by an investment advisory accounts
indirectly affiliated with Riley Investment Partners Master Fund, L.P.
However, Riley Investment Management LLC disclaims beneficial ownership of
the non-affiliated shares.
3
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1 Name of Reporting Persons.
I.R.S. Identification Nos. of above person (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 Citizenship or Place of Organization
Delaware
---------------------- ------ --------------------------------------------------
Number of 5 Sole Voting Power
Shares 46,583
------ --------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by 0
------ --------------------------------------------------
Each 7 Sole Dispositive Power
Reporting 46,583
------ --------------------------------------------------
Person 8 Shared Dispositive Power
With 0
--------- ----------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
46,583
--------- ----------------------------------------------------------------------
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
--------- ----------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
.2%(1)
--------- ----------------------------------------------------------------------
12 Type Of Reporting Person (See Instructions)
BD
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______________
4
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1 Name of Reporting Persons.
I.R.S. Identification Nos. of above person (entities only)
B. Riley & Co. Retirement Trust
--------- ----------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3 SEC Use Only
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4 Citizenship or Place of Organization
California
---------------------- ------ --------------------------------------------------
Number of 5 Sole Voting Power
Shares 34,148
------ --------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by 0
------ --------------------------------------------------
Each 7 Sole Dispositive Power
Reporting 34,148
------ --------------------------------------------------
Person 8 Shared Dispositive Power
With 0
--------- ----------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
34,148
--------- ----------------------------------------------------------------------
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
--------- ----------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
.1%(1)
--------- ----------------------------------------------------------------------
12 Type Of Reporting Person (See Instructions)
EP
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___________________
5
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1 Name of Reporting Persons.
I.R.S. Identification Nos. of above person (entities only)
Bryant Riley
--------- ----------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
--------- ----------------------------------------------------------------------
3 SEC Use Only
--------- ----------------------------------------------------------------------
4 Citizenship or Place of Organization
United States
---------------------- ------ --------------------------------------------------
Number of 5 Sole Voting Power
Shares 810,506(4)
------ --------------------------------------------------
Beneficially 6 Shared Voting Power
Owned by 1,693,027(5)
------ --------------------------------------------------
Each 7 Sole Dispositive Power
Reporting 810,506(4)
------ --------------------------------------------------
Person 8 Shared Dispositive Power
With 1,693,027(5)
--------- ----------------------------------------------------------------------
9 Aggregate Amount Beneficially Owned by Each Reporting Person
1,970,530(5)
--------- ----------------------------------------------------------------------
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[x]
--------- ----------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row (9)
6.3%(1)
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12 Type Of Reporting Person (See Instructions)
IN
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_____________________
(4) 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 46,583
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.
(5) Riley Investment Management LLC has shared voting and dispositive power
over 1,693,027 shares of Common Stock held by its investment advisory
clients, 1,160,024 of which are held by an investment advisory accounts
indirectly affiliated with 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.
6
ITEM 1.
(a) Name of Issuer
Trans World Entertainment Corporation
(b) Address of Issuer's Principal Executive Offices
38 Corporate Circle
Albany, New York 12203
ITEM 2.
(a) (i) Riley Investment Partners Master Fund, L.P. (Cayman Islands limited
partnership)
Riley Investment Management LLC (Delaware limited liability company)
Bryant Riley (individual residing in California)
(ii) B. Riley & Co., LLC (Delaware limited liability company)
B. Riley & Co. Retirement Trust
(b) Address of Principal Business Office or, if none, Residence
(i) 11100 Santa Monica Blvd.
Suite 810
Los Angeles, CA 90025
(ii) 11100 Santa Monica Blvd.
Suite 800
Los Angeles, CA 90025
(c) Citizenship
United States
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
89336Q100
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13d-1(b) OR
240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) [_] Broker or dealer registered under Section 15 of the Act
(15 U.S.C. 78o).
(b) [_] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [_] Insurance company as defined in Section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [_] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [_] An investment adviser in accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G);
(h) [_] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [_] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j) [_] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).
7
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
For each Reporting Person:
(a) Amount beneficially owned: Please see Line 9 on the cover sheet for each
reporting person (including footnotes thereto).
(b) Percent of class: Please see Line 11 on the cover sheet for each reporting
person (including footnotes thereto).
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: Please see Line 5 on the
cover sheet for each reporting person (including footnotes thereto).
(ii) Shared power to vote or to direct the vote: Please see Line 6 on
the cover sheet for each reporting person (including footnotes
thereto).
(iii) Sole power to dispose or to direct the disposition of: Please see
Line 7 on the cover sheet for each reporting person (including
footnotes thereto).
(iv) Shared power to dispose or to direct the disposition of: Please
see Line 8 on the cover sheet for each reporting person (including
footnotes thereto).
8
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following
[ ].
INSTRUCTION: Dissolution of a group requires a response to this item.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable
ITEM 10. CERTIFICATION
(b) The following certification shall be included if the statement is filed
pursuant to ss.240.13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
9
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: December 30, 2008
Riley Investment Partners Master Fund, L.P.
By: Riley Investment Management, 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
B. Riley & Co. Retirement Trust
By: /s/ Bryant R. Riley
----------------------------------------
Bryant R. Riley, Trustee
By: /s/ Bryant R. Riley
----------------------------------------
Bryant R. Riley
10