Trans World Entertainment (TWMC)

Note 9. Shareholders’ Equity

The Company has never declared dividends on its Common Stock and does not plan to pay cash dividends on its Common Stock in the foreseeable future. The Company’s Credit Facility does not restrict the payment of cash dividends so long as payment conditions per the agreement are met. Any future determination as to the payment of dividends will depend upon capital requirements, limitations imposed by the Company’s Credit Facility (see Note 5 to the Consolidated Financial Statements) and other factors the Company’s Board of Directors may consider.

Note 9. Shareholders’
Equity

The Company
has never declared dividends on its Common Stock and does not plan to pay cash
dividends on its Common Stock in the foreseeable future. The Company’s Credit
Facility does not restrict the payment of cash dividends so long as payment
conditions per the agreement are met. Any future determination as to the
payment of dividends will depend upon capital requirements, limitations imposed
by the Company’s Credit Facility (see Note 5 to the Consolidated Financial
Statements) and other factors the Company’s Board of Directors may consider.

The Company has never declared dividends on its Common Stock and does not plan to pay cash dividends on its Common Stock in the foreseeable future. The Company’s credit agreement does not restrict the payment of cash dividends so long as payment conditions per the agreement are met. Any future determination as to the payment of dividends will depend upon capital requirements, limitations imposed by the Company’s Credit Agreement (see Note 5 to the Consolidated Financial Statements) and other factors the Company’s Board of Directors may consider.

The Company has never declared dividends on its Common Stock and does not plan to pay cash dividends on its Common Stock in the foreseeable future. The Company’s credit agreement does not restrict the payment of cash
dividends so long as payment conditions per the agreement are met. Any future determination as to the payment of dividends will depend upon capital requirements, limitations imposed by the Company’s Credit Agreement (see Note 5 to the
Consolidated Financial Statements) and other factors the Company’s Board of Directors may consider.

Note 10. Shareholders’ Equity

On May 28, 2003, the Company’s Board of Directors authorized the repurchase of 10 million outstanding shares of the Company’s Common Stock from time to time on the open market. The Company had repurchased 15 million shares of common stock under previously announced programs. As of the end of Fiscal 2005, the Company had purchased the 10 million shares outstanding under the stock repurchase program, at a total cost of $88.5 million. There are currently no repurchase programs outstanding. As of February 3, 2007 and January 28, 2006, the Company held 25,103,990 and 25,104,990 shares, respectively, in treasury stock.

The Company has never declared dividends on its Common Stock and does not plan to pay cash dividends on its Common Stock in the foreseeable future. The Company’s credit agreement does not restrict the payment of cash dividends so long as payment conditions per the agreement are met. Any future determination as to the payment of dividends will depend upon capital requirements, limitations imposed by the Company’s Credit Agreement (see Note 5 to the Consolidated Financial Statements) and other factors the Company’s Board of Directors may consider.

Note 10. Shareholders’ Equity

On May 28, 2003, the Company’s Board of Directors authorized the repurchase of 10 million outstanding shares of the Company’s Common Stock from time to time on the open market. The Company had repurchased 15 million shares of common stock under previously announced programs. As of January 28, 2006, the Company had purchased the 10 million shares outstanding under the stock repurchase program, at a total cost of $88.5 million and there were no shares remaining to be purchased under the current program. During 2005 the Company purchased 3.1 million shares at a total cost of $31.3 million. The Company had completed the purchase of 15.0 million shares at a total cost of $128.7 million under earlier authorized programs. As of January 28, 2006 and January 29, 2005, the Company held 25,104,990 and 21,988,949 shares, respectively, in treasury stock.

The Company has never declared dividends on its Common Stock and does not plan to pay cash dividends on its Common Stock in the foreseeable future. The Company’s credit agreement does not restrict the payment of cash dividends so long as payment conditions per the agreement are met. Any future determination as to the payment of dividends will depend upon capital requirements, limitations imposed by the Company’s credit agreement (see Note 5 to the Consolidated Financial Statements) and other factors the Company’s Board of Directors may consider.

Note 10. Shareholders’ Equity

On May 28, 2003, the Company’s Board of Directors authorized the repurchase of 10 million outstanding shares of the Company’s Common Stock from time to time on the open market. The Company had repurchased 15 million shares of common stock under previously announced programs. As of January 28, 2006, the Company had purchased the 10 million shares outstanding under the stock repurchase program, at a total cost of $88.5 million and there were no shares remaining to be purchased under the current program. During 2005 the Company purchased 3.1 million shares at a total cost of $31.3 million. The Company had completed the purchase of 15.0 million shares at a total cost of $128.7 million under earlier authorized programs. As of January 28, 2006 and January 29, 2005, the Company held 25,104,990 and 21,988,949 shares, respectively, in treasury stock.

The Company has never declared dividends on its Common Stock and does not plan to pay cash dividends on its Common Stock in the foreseeable future. The Company’s credit agreement does not restrict the payment of cash dividends so long as payment conditions per the agreement are met. Any future determination as to the payment of dividends will depend upon capital requirements, limitations imposed by the Company’s credit agreement (see Note 5 to the Consolidated Financial Statements) and other factors the Company’s Board of Directors may consider.

Note 10. Shareholders’ Equity

On May 28, 2003, the Company’s Board of Directors authorized the repurchase of 10 million outstanding shares of the Company’s Common Stock from time to time on the open market. The Company had repurchased 15 million shares of common stock under previously announced programs. As of January 28, 2006, the Company had purchased the 10 million shares outstanding under the stock repurchase program, at a total cost of $88.5 million and there were no shares remaining to be purchased under the current program. During 2005 the Company purchased 3.1 million shares at a total cost of $31.3 million. The Company had completed the purchase of 15.0 million shares at a total cost of $128.7 million under earlier authorized programs. As of January 28, 2006 and January 29, 2005, the Company held 25,104,990 and 21,988,949 shares, respectively, in treasury stock.

The Company has never declared dividends on its Common Stock and does not plan to pay cash dividends on its Common Stock in the foreseeable future. The Company’s credit agreement does not restrict the payment of cash dividends so long as payment conditions per the agreement are met. Any future determination as to the payment of dividends will depend upon capital requirements, limitations imposed by the Company’s credit agreement (see Note 5 to the Consolidated Financial Statements) and other factors the Company’s Board of Directors may consider.

Note 10.  Shareholders’ Equity

In May 2003, the Board of Directors approved a stock repurchase plan authorizing the purchase of up to 10 million shares of the Company’s common stock. The program has no expiration date. As of January 29, 2005, the Company had purchased 6.9 million shares under this plan, at a total cost of $57.2 million.  The Company had completed the purchase of 15 million shares at a total cost of $128.7 million under earlier authorized programs.  As of January 29, 2005 and January 31, 2004, the Company held 21,988,949 and 18,147,291 shares, respectively, in treasury stock.

The revolving credit facility restricts the amount of dividends that the Company can declare up to 10% of its annual net income, excluding certain non-cash gains (see Note 5 to the Consolidated Financial Statements).  Payment of any dividends is further subject to levels of availability on the Company’s revolving credit facility.