Special Committee of Trans World Entertainment Board in Exploration of Strategic Alternatives in Response to 'Take Private' Proposal

November 9, 2007

Cleary Gottlieb is representing the Special Committee of the Board of Directors of Trans World Entertainment Corporation in its ongoing exploration of strategic alternatives in response to a proposal made by Chairman, CEO and 40% shareholder Robert J. Higgins to acquire the publicly held shares.

Trans World Entertainment is a leading specialty retailer of entertainment software, including music, home videos and video games. It operates over 950 retail stores primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com, www.wherehouse.com, www.secondspin.com, www.samgoody.com and www.suncoast.com.