Trans World Entertainment 8-K 2012
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 9, 2012
TRANS WORLD ENTERTAINMENT CORPORATION
38 Corporate Circle,
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
On July 9, 2012, Trans World Entertainment Corporation (the Company) announced that it had appointed John Anderson as acting Chief Financial Officer and Principal Accounting Officer, effective July 9, 2012.
Mr. Anderson, age 43, has served in positions of increasing responsibility at Trans World for over 18 years, most recently serving as Controller. As acting Chief Financial Officer, Mr. Anderson will lead Trans World Entertainments financial planning and financial reporting divisions.
In connection with his appointment as the Companys acting Chief Financial Officer, Mr. Anderson will receive an initial base salary of $190,000 per annum. For fiscal year 2012, Mr. Anderson will be eligible for a bonus of between 0% and 50% of his salary depending on the Company achieving certain EBITDA targets. Mr. Anderson will be eligible to participate in the Companys Executive Incentive Program for later years.
Effective on July 9, 2012, Tom Seaver will no longer serve as Chief Financial Officer. Mr. Seaver, age 47, has served as Chief Financial Officer of the Company since November 2011.
On July 9, 2012, the Company issued a press release announcing the appointment of Mr. Anderson as acting Chief Financial Officer and the departure of Mr. Seaver, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8K.
(d) Exhibits. The following exhibits are furnished herewith:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.