Robert Higgins, CEO of the embattled entertainment retailer Trans World Entertainment, has offered to pay $5 per share to acquire some 31 million shares and take the company private contingent on finding third party financing and the approval of Trans World's board of directors.  Higgins founded the Albany, New York-based chain in 1972 and owns about 40% of the stock.  Trans World currently operates some 950 stores under the F.Y.E. and Suncoast banners.

Trans World's sales declined some $10 million during the most recent quarter as packaged music sales continued to tank (see 'Trans World's Sales Drop').  DVD sales are up, but not enough to make up for the disappearing sales of recorded music.  As previously reported by ICv2, Trans World does plan to shutter some more money-losing stores over the next year.

Higgins feels that other cost cutting measures will be needed to turn the company around and thinks that taking the company private can facilitate the kind of long term changes that don't produce the immediate positive quarterly results that Wall St. demands, but can put the troubled retail chain on the path to profitability over the long run.