Trans World CEO Withdraws Offer to Buy Company

Albany, NY Trans World Entertainment Corp. chairman and CEO Robert J. Higgins has withdrawn his proposal to buy out other shareholders and take the retailer private. The proposal was first announced in November 2007.

Higgins told a special committee of the board of directors that "continuing poor credit market conditions have substantially increased the costs and burdens of the debt financing" needed to acquire the company, according to a statement.