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.2)
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 800
LOS ANGELES, CA 90025
(310) 966-1445
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
October 22, 2009
(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: |X|
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)
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(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, L.P.
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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. Source of Funds (See Instructions) WC
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
Cayman Islands
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7. Sole Voting Power
NUMBER OF 397.093
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 397.093
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
-0-
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 397.093
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12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [_]
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13. Percent of Class Represented by Amount in Row (11) 1.26%(1)
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14. Type of Reporting Person (See Instructions) PN
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(1) Based on 31,395,439 shares of common stock of Trans World Entertainment
Corporation (the "Issuer") outstanding as of August 29, 2009, as reported in the
Issuer's Quarterly Report on Form 10-Q for the quarter ended August 1, 2009
filed with the Securities and Exchange Commission on September 10, 2009.
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
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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. Source of Funds (See Instructions) AF
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
Delaware
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7. Sole Voting Power
NUMBER OF 1,074,849(2)
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 378,381(3)
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,074,849(2)
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
378,381(3)
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,074,849(3)
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12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [X]
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13. Percent of Class Represented by Amount in Row (11) 3.42%(1)
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14. Type of Reporting Person (See Instructions) IA
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(2) Because Riley Investment Management LLC has sole investment and voting
power over 397.093 shares of Common Stock held by Riley Investment Partners,
L.P. and 677,756 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
378,381 shares of Common Stock held by its investment advisory clients. 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
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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. Source of Funds (See Instructions) WC
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
Delaware
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7. Sole Voting Power
NUMBER OF 114,135
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY -0-
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 114,135
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
-0-
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 114,135
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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) 0.4%(1)
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14. Type of Reporting Person (See Instructions) BD
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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
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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. Source of Funds (See Instructions) WC
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
California
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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-
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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) [_]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 0.1%(1)
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14. Type of Reporting Person (See Instructions) EP
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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
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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. Source of Funds (See Instructions) AF
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5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)
or 2(e) [_]
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6. Citizenship or Place of Organization
United States
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7. Sole Voting Power
NUMBER OF 1,308,229(4)
SHARES -----------------------------------------------------------------
BENEFICIALLY 8. Shared Voting Power
OWNED BY 378,381(5)
EACH -----------------------------------------------------------------
REPORTING 9. Sole Dispositive Power
PERSON 1,308,229(4)
WITH -----------------------------------------------------------------
10. Shared Dispositive Power
378,381(5)
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11. Aggregate Amount Beneficially Owned by Each Reporting Person 1,308,229(5)
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12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [X]
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13. Percent of Class Represented by Amount in Row (11) 4.2%(1)
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14. 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, 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 397.093 shares of Common Stock
held by Riley Investment Partners, L.P. and 677,756 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 114,135 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 and 84,097 shares of Common Stock held by Mr. Riley.
(5) Riley Investment Management LLC has shared voting and dispositive power over
378,381 shares of Common Stock held by its investment advisory clients. 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.
CUSIP No. 89336Q10 13D Page 7
ITEM 1. SECURITY AND ISSUER
Common Stock ("Common Stock") of Trans World Entertainment
Corporation (the "Issuer")
38 Corporate Circle
Albany, New York 12203
ITEM 2. IDENTITY AND BACKGROUND
(a) (i) Riley Investment Partners, L.P. (Delaware 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 800
Los Angeles, CA 90025
(ii) 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025
(c) Mr. Riley manages and owns all of the outstanding membership
interests of Riley Investment Management LLC ("RIM"), a
California registered investment adviser. RIM is the
investment Adviser to and general partner of Riley Investment
Partners, L.P. ("RIP"). RIM is the investment advisor to other
clients pursuant to investment advisory agreements. Mr. Riley
is the trustee of the B. Riley & Co. Retirement Trust
("BRCRT"). Mr. Riley is the sole indirect equity holder and
Chairman of B. Riley & Co., LLC ("BRC").
(d) N/A
(e) N/A
(f) United States
CUSIP No. 89336Q10 13D
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) With respect to each Reporting Person, see the response set
forth in Rows 11 and 13, including the footnotes thereto.
(b) See Item 5(a) and, with respect to each Reporting Person, the
responses to Rows 7 through 10 set forth for such Reporting
Person on the cover pages hereto.
(c) In the ordinary course of business, BRC may effect
transactions in connection with its ordinary course market
making activities, as well as for customer transactions. The
following are the other transactions in the past 60 days.
CUSIP No. 89336Q10 13D Page 8
TYPE TRAN CODE QUANTITY PRICE TRADE DATE
Investment Advisory Clients SL 2,500 1.55 10/21/2009
SL 50,071 1.5203 10/22/2009
SL 90,000 1.5203 10/22/2009
SL 284,982 1.5203 10/22/2009
SL 122,135 1.5203 10/22/2009
(d) RIM's advisory clients are entitled to any dividends or proceeds
paid with respect to stock held by such persons.
(e) Not applicable.
CUSIP No. 89336Q10 13D Page 10
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
The relationships between Mr. Riley, RIM, RIP, BRC and BRCRT
are described above under Item 2(c) above. The relationship
between RIM and other investment advisory clients is described
under Item 2(c) above.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
NONE
CUSIP No. 89336Q10 13D Page 11
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: October 26, 2009
Riley Investment Partners, L.P.
By: Riley Investment Management LLC, its
General Partner
By: /s/ Bryant R. Riley
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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
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Bryant R. Riley, Chairman
B. Riley & Co. Retirement Trust
By: /s/ Bryant R. Riley
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Bryant R. Riley, Trustee
By: /s/ Bryant R. Riley
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Bryant R. Riley