0000930413-15-004722.txt : 20151210 0000930413-15-004722.hdr.sgml : 20151210 20151210141917 ACCESSION NUMBER: 0000930413-15-004722 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20151031 FILED AS OF DATE: 20151210 DATE AS OF CHANGE: 20151210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANS WORLD ENTERTAINMENT CORP CENTRAL INDEX KEY: 0000795212 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL- COMPUTER & PRERECORDED TAPE STORES [5735] IRS NUMBER: 141541629 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14818 FILM NUMBER: 151280599 BUSINESS ADDRESS: STREET 1: 38 CORPORATE CIRCLE CITY: ALBANY STATE: NY ZIP: 12203 BUSINESS PHONE: 5184521242 MAIL ADDRESS: STREET 1: 38 CORPORATE CIRCLE CITY: ALBANY STATE: NY ZIP: 12203 FORMER COMPANY: FORMER CONFORMED NAME: TRANS WORLD MUSIC CORP DATE OF NAME CHANGE: 19920703 10-Q 1 c83201_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 2015

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT FOR THE TRANSITION PERIOD FROM ____________ TO ____________

COMMISSION FILE NUMBER: 0-14818

TRANS WORLD ENTERTAINMENT CORPORATION

(Exact name of registrant as specified in its charter)

New York	14-1541629
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer
	Identification Number)

38 Corporate Circle

Albany, New York 12203

(Address of principal executive offices, including zip code)

(518) 452-1242

(Registrant’s telephone number, including area code)

Indicate by a check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o		Accelerated filer x		Non-accelerated filer o
Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $.01 par value,

31,074,977 shares outstanding as of October 31, 2015

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Form 10-Q Page No.
PART I. FINANCIAL INFORMATION

Item 1 – Interim Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets at October 31, 2015, January 31, 2015 and November 1, 2014	3

Condensed Consolidated Statements of Operations – Thirteen and Thirty-nine Weeks Ended October 31, 2015 and November 1, 2014	4

Condensed Consolidated Statements of Comprehensive Loss – Thirteen and Thirty-nine Weeks Ended October 31, 2015 and November 1, 2014	5

Condensed Consolidated Statements of Cash Flows – Thirty-nine Weeks Ended October 31, 2015 and November 1, 2014	6

Notes to Condensed Consolidated Financial Statements	7

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3 – Quantitative and Qualitative Disclosures about Market Risk	20

Item 4 – Controls and Procedures	20

PART II. OTHER INFORMATION

Item 1 – Legal Proceedings	21

Item 1A- Risk Factors	21

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	21

Item 3 – Defaults Upon Senior Securities	21

Item 4 – Mine Safety Disclosures	21

Item 5 – Other Information	21

Item 6 – Exhibits	22

Signatures	23

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART 1. FINANCIAL INFORMATION

Item 1 - Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share and share amounts)

(unaudited)

	October 31,			January 31,			November 1,
	2015			2015			2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	74,854		$	118,537		$	79,366
Merchandise inventory		149,524			126,377			158,017
Other current assets		12,396			10,244			11,041
Total current assets		236,774			255,158			248,424

NET FIXED ASSETS		27,282			15,769			15,883
OTHER ASSETS		9,081			9,082			9,270
TOTAL ASSETS	$	273,137		$	280,009		$	273,577

LIABILITIES
CURRENT LIABILITIES:
Accounts payable	$	65,471		$	63,527		$	69,335
Accrued expenses and other current liabilities		6,763			7,397			6,976
Deferred revenue		8,430			9,852			8,996
Current portion of capital lease obligations		143			938			1,075
Total current liabilities		80,807			81,714			86,382

CAPITAL LEASE OBLIGATIONS, less current portion		—			—			142
OTHER LONG-TERM LIABILITIES		27,716			26,555			23,707
TOTAL LIABILITIES		108,523			108,269			110,231

SHAREHOLDERS’ EQUITY
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)		—			—			—
Common stock ($0.01 par value; 200,000,000 shares authorized; 58,345,668, 58,337,668 and 58,325,668 shares issued, respectively)		583			583			583
Additional paid-in capital		315,956			315,486			315,343
Treasury stock at cost (27,270,691, 27,094,423 and 26,797,074 shares, respectively)		(227,060	)		(226,412	)		(225,423	)
Accumulated other comprehensive (loss) income		(1,950	)		(2,181	)		315
Retained earnings		77,085			84,264			72,528
TOTAL SHAREHOLDERS’ EQUITY		164,614			171,740			163,346
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	273,137		$	280,009		$	273,577

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Thirteen Weeks Ended						Thirty-nine Weeks Ended
	October 31,			November 1,			October 31,			November 1,
	2015			2014			2015			2014

Net sales	$	67,925		$	72,456		$	213,339		$	231,580
Cost of sales		41,245			43,922			128,699			142,222
Gross profit		26,680			28,534			84,640			89,358
Selling, general and administrative expenses		30,475			32,520			90,318			97,772
Loss from operations		(3,795	)		(3,986	)		(5,678	)		(8,414	)
Interest expense, net		488			469			1,367			1,429
Loss before income tax expense		(4,283	)		(4,455	)		(7,045	)		(9,843	)
Income tax expense		45			21			134			115
Net loss	$	(4,328	)	$	(4,476	)	$	(7,179	)	$	(9,958	)

BASIC AND DILUTED LOSS PER SHARE:
Basic and Diluted loss per share	$	(0.14	)	$	(0.14	)	$	(0.23	)	$	(0.31	)

Weighted average number of common shares outstanding – basic and diluted		31,107			31,627			31,140			31,860

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

	Thirteen Weeks Ended						Thirty-nine Weeks Ended
	October 31,			November 1,			October 31,			November 1,
	2015			2014			2015			2014

Net loss	$	(4,328	)	$	(4,476	)	$	(7,179	)	$	(9,958	)

Amortization of pension costs		77			145			231			434

Comprehensive loss	$	(4,251	)	$	(4,331	)	$	(6,948	)	$	(9,524	)

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Thirty-nine Weeks Ended
	October 31,			November 1,
	2015			2014
Net cash used by operating activities	$	(26,165	)	$	(24,995	)

Cash flows from investing activities:
Purchases of fixed assets		(15,293	)		(7,390	)
Investments, short term		(800	)		—
Net cash used by investing activities		(16,093	)		(7,390	)

Cash flows from financing activities:
Cash dividends paid		—			(16,036	)
Payments of capital lease obligations		(795	)		(787	)
Exercise of stock options		19			47
Purchase of treasury stock		(649	)		(2,475	)
Net cash used by financing activities		(1,425	)		(19,251	)

Net decrease in cash and cash equivalents		(43,683	)		(51,636	)
Cash and cash equivalents, beginning of period		118,537			131,002
Cash and cash equivalents, end of period	$	74,854		$	79,366

See Accompanying Notes to Condensed Consolidated Financial Statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

October 31, 2015 and November 1, 2014

Note 1. Nature of Operations

Trans World Entertainment Corporation and subsidiaries (“the Company”) is one of the largest specialty retailers of entertainment products, including video, music, electronics, trend, video games and related products in the United States. The Company operates a chain of retail entertainment stores, primarily under the names f.y.e. for your entertainment and Suncoast Motion Pictures, and e-commerce sites, www.fye.com and www.secondspin.com in a single industry segment. As of October 31, 2015, the Company operated 309 stores totaling approximately 1.8 million square feet in the United States, the District of Columbia and the Commonwealth of Puerto Rico.

Liquidity and Cash Flows:

The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, seasonal increase in merchandise inventory and other operating cash requirements and commitments.

Seasonality:

The Company’s business is seasonal, with the fourth fiscal quarter constituting the Company’s peak selling period. In fiscal 2014, the fourth quarter accounted for approximately 35% of annual net sales and all of net income. In anticipation of increased sales activity in the fourth quarter, the Company purchases additional inventory and hires seasonal associates to supplement its core store sales and distribution center staffing. If, for any reason, the Company’s fourth quarter sales were below normal seasonal levels, the Company’s operating results could be adversely affected. Quarterly sales can also be affected by the timing of new product releases, new store openings, store closings and the performance of existing stores.

Note 2: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements consist of Trans World Entertainment Corporation, its wholly-owned subsidiary, Record Town, Inc. (“Record Town”), and Record Town’s subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated.

The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.

Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements.

Selling, general and administrative expenses include miscellaneous income and expense items, other than interest. The Company recorded miscellaneous income items of $1.8 million for the thirteen weeks ended October 31, 2015 compared to income of $1.4 million for the thirteen weeks ended November 1, 2014. For the thirty-nine weeks ended October 31, 2015 and November 1, 2014, the Company recorded miscellaneous income items of $6.0 million and $4.0 million, respectively. The fiscal 2015 miscellaneous income items included a legal settlement reimbursement of $1.4 million related to previously incurred credit card fees.

The information presented in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2015 has been derived from the Company’s January 31, 2015 audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements as of and for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015.

The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 31, 2015.

Note 3. Recently Adopted Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, (“ASU 2014-08”). This amendment changes the requirements for reporting discontinued operations and includes enhanced disclosures about discontinued operations. Under the amendment, only those disposals of components of an entity that represent a strategic shift that has a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. ASU 2014-08 is effective prospectively for annual periods beginning on or after December 15, 2014, and interim reporting periods within those years. The Company adopted ASU 2014-08 as of the beginning of fiscal 2015 and it did not have a material impact on the Company’s consolidated financial position, cash flows, or results of operations.

Note 4. Stock Based Compensation

As of October 31, 2015, there was approximately $0.9 million of unrecognized compensation cost related to stock awards that is expected to be recognized as expense over a weighted average period of 1.7 years.

As of October 31, 2015, stock awards authorized for issuance under the Company’s current long term equity incentive plans, totaled 8.0 million. There are certain authorized stock plans for which the Company no longer grants awards. Of these awards authorized for issuance, 2.4 million were granted and are outstanding, 1.5 million of which were vested and exercisable. Awards available for future grants at October 31, 2015 were 2.1 million.

The table below outlines the assumptions that the Company used to estimate the fair value of stock options granted during the thirty-nine weeks ended October 31, 2015:

Dividend yield	0%
Expected stock price volatility	47.0%-66.8%
Risk-free interest rate	1.45%-2.18%
Expected award life (in years)	4.92-5.71
Weighted average fair value per share of options granted during the period	$1.93

The following table summarizes stock award activity during the thirty-nine weeks ended October 31, 2015:

	Employee and Director Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards⁽¹⁾		Weighted Average Grant Fair Value

Balance January 31, 2015		2,465,110		$	6.80		3.8		237,400	$	3.75
Granted		345,000			3.72		9.6		23,774		3.59
Exercised		(8,000	)		2.33		—		—		—
Canceled		(690,035	)		13.68		—		—		—
Balance October 31, 2015		2,112,075		$	4.07		5.1		261,174	$	3.73
Exercisable October 31, 2015		1,351,325		$	4.21		3.1		51,774	$	4.68

(1)	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

As of October 31, 2015, the intrinsic value of stock awards outstanding was approximately $842,000 and exercisable was $625,000.

Note 5. Defined Benefit Plans

The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the thirty-nine weeks ended October 31, 2015, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $182,000 in benefits relating to the SERP during fiscal 2015.

The measurement date for the SERP Plan is the Company’s fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities.

The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods:

	Thirteen weeks ended						Thirty-nine weeks ended
	October 31, 2015			November 1, 2014			October 31, 2015			November 1, 2014
	(in thousands)						(in thousands)
Service cost	$	17		$	14		$	51		$	42
Interest cost		145			172			435			517
Amortization of pension costs		86			180			258			540
Amortization of net gain⁽¹⁾		(9	)		(35	)		(27	)		(106	)
Net periodic pension cost	$	239		$	331		$	717		$	993

(1)	The amortization of net gain is related to a Director Retirement Plan previously provided by the Company.

Note 6. Line of Credit

In May 2012, the Company entered into a $75 million credit facility (“Credit Facility”) which amended the previous credit facility. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company.

The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the number of store closings. The Company is compliant with all covenants.

Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments.

The availability under the Credit Facility is subject to limitations based on inventory levels.

outstanding letter of credit obligations under the Credit Facility. The Company had $65 million available for borrowing as of both October 31, 2015 and November 1, 2014.

Note 7. Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive (loss) income that the Company reports in the condensed consolidated balance sheets represents the difference between the accrued pension liability and accrued benefit cost, net of taxes, associated with the Company’s defined benefit plans. Comprehensive (loss) income consists of net income and the reclassification of pension costs previously reported in comprehensive (loss) income for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014.

Note 8. Depreciation and Amortization of Fixed Assets

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows:

	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 31, 2015		November 1, 2014		October 31, 2015		November 1, 2014
	(in thousands)				(in thousands)
Cost of sales	$	124	$	129	$	370	$	380
Selling, general and administrative expenses		1,227		953		3,238		2,593
Total	$	1,351	$	1,082	$	3,608	$	2,973

Note 9. Basic and Diluted Loss Per Share

Basic loss per share is calculated by dividing net loss by the weighted average common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net loss by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans.

For the thirteen and thirty-nine week periods ended October 31, 2015 and November 1, 2014, the impact of all outstanding stock awards was not considered because the Company reported a net loss and such impact would be anti-dilutive. Accordingly, basic and diluted loss per share is the same.

Note 10. Shareholders’ Equity

During the third quarter, the Company repurchased 61,410 shares of common stock at an average price of $3.83 per share. Since the inception of the program, the Company has repurchased 1,750,086 shares of common stock at an average price of $3.84 per share. The Company has approximately $15.3 million available for future purchases under its repurchase program.

The Company classifies the repurchased shares as treasury stock on the Company’s condensed consolidated balance sheets.

Note 11. Subsequent Event

On December 4, 2015, the Company amended and restated the lease, a copy of which is attached hereto as Exhibit 10.1, for its’ corporate office space in Albany, NY with Robert J. Higgins, its Chairman and largest shareholder. The amended and restated lease commences January 1, 2016 and expires December 31, 2020. Upon commencement of the amended and restated lease, annual payments will be reduced by approximately $1.0 million. The reduction in payments will be reflected in the Condensed Consolidated Statements of Income as a reduction of interest expense partially offset by an increase in Cost of Sales and SG&A expenses.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART 1. FINANCIAL INFORMATION

Item 2 - Management’s Discussion and Analysis of Financial Condition and

Results of Operations

October 31, 2015 and November 1, 2014

Overview

Management’s Discussion and Analysis of Financial Condition and Results of Operations provides information that the Company’s management believes is necessary to achieve an understanding of its financial statements and results of operations. To the extent that such analysis contains statements which are not of a historical nature, such statements are forward-looking statements, which involve risks and uncertainties. These risks include, but are not limited to, changes in the competitive environment for the Company’s merchandise, including the entry or exit of non-traditional retailers of the Company’s merchandise to or from its markets; releases by the music, video and video games industries of an increased or decreased number of “hit releases”; general economic factors in markets where the Company’s merchandise is sold; and other factors discussed in the Company’s filings with the Securities and Exchange Commission. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this report and the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015.

As of October 31, 2015, the Company operated 309 stores totaling approximately 1.8 million square feet in the United States, the District of Columbia and the Commonwealth of Puerto Rico. The Company’s stores offer predominantly entertainment products, including video, trend, music, electronics and related products.

The Company’s results have been, and will continue to be, contingent upon management’s ability to understand industry trends and to manage the business in response to those trends and general economic trends. Management monitors a number of key performance indicators to evaluate its performance, including:

Net sales and comparable store net sales: The Company measures and reports the rate of comparable store net sales change. A store is included in comparable store net sales calculations at the beginning of its thirteenth full month of operation. Stores relocated/expanded or downsized are excluded from comparable store net sales if the change in square footage is greater than 20%. Closed stores that were open for at least thirteen months are included in comparable stores net sales through the month immediately preceding the month of closing. Stores that are temporarily closed are excluded from the calculation of comparable stores sales for the applicable periods in the year of closure and the subsequent year. The Company further analyzes net sales by store format and by product category.

Cost of Sales and Gross Profit: Gross profit is impacted primarily by the mix of products sold, by discounts negotiated with vendors and discounts offered to customers. The Company records its distribution and product shrink expenses in cost of sales. Distribution expenses include those costs associated with receiving, shipping, inspecting and warehousing product and costs associated with

product returns to vendors. Cost of sales further includes obsolescence costs and is reduced by the benefit of vendor allowances, net of direct reimbursements of expense.

Selling, General and Administrative (“SG&A”) Expenses: Included in SG&A expenses are payroll and related costs, occupancy charges, general operating and overhead expenses and depreciation charges (excluding those related to distribution operations, as disclosed in Note 8 to the condensed consolidated financial statements). Selling, general and administrative expenses also include fixed asset write offs associated with store closures, if any, and miscellaneous income and expense items, other than interest. The Company recorded miscellaneous income items of $6.0 million and $4.0 million for the thirty-nine weeks ended October 31, 2015 and November 1, 2014. Fiscal 2015 miscellaneous income items included a legal settlement reimbursement of $1.4 million related to previously incurred credit card fees.

Balance Sheet and Ratios: The Company views cash, net inventory investment (merchandise inventory less accounts payable) and working capital (current assets less current liabilities) as relevant indicators of its financial position. See Liquidity and Capital Resources for further discussion of these items.

RESULTS OF OPERATIONS

Thirteen and Thirty-nine Weeks Ended October 31, 2015

Compared to the Thirteen and Thirty-nine Weeks Ended November 1, 2014

Net sales. The following table sets forth a period over period comparison of the Company’s net sales by category:

	Thirteen weeks ended															Thirty-nine weeks ended
	October 31, 2015			November 1, 2014			Change			%			Comp Store Net Sales			October 31, 2015			November 1, 2014			Change			%			Comp Store Sales
	(in thousands, except store count)															(in thousands, except store count)

Net sales	$	67,925		$	72,456		$	(4,531	)		(6.3	%)		(0.0	%)	$	213,339		$	231,580		$	(18,241	)		(7.9	%)		(1.2	%)
As a % of sales
Video		40.6	%		45.1	%								(10.6	%)		42.9	%		45.8	%								(8.6	%)
Music		25.3	%		27.4	%								(8.3	%)		26.6	%		28.5	%								(8.0	%)
Trend		22.8	%		14.8	%								49.7	%		18.5	%		12.7	%								40.8	%
Electronics		9.2	%		8.8	%								7.9	%		9.4	%		8.9	%								7.6	%
Video Games		2.1	%		3.9	%								(38.5	%)		2.6	%		4.1	%								(28.7	%)

Store Count:																	309			327			(18	)		(5.5	%)
Total Square Footage																	1,793			1,937			(144	)		(7.4	%)

Comparable sales were flat for the thirteen weeks ended October 31, 2015. For the thirty-nine weeks ended October 31, 2015, comparable sales decreased 1.2%. Net sales decreased 6.3% and 7.9% during the thirteen weeks and thirty-nine weeks ended October 31, 2015 as compared to the same periods last year. The decline in net sales resulted from a decrease in store count of 5.5% from November 1, 2014 to October 31, 2015.

Gross Profit. The following table sets forth a period over period comparison of the Company’s gross profit:

	Thirteen weeks ended (in thousands)						Change						Thirty-nine weeks ended (in thousands)						Change
	October 31, 2015			November 1, 2014			$			%			October 31, 2015			November 1, 2014			$			%
Gross Profit	$	26,680		$	28,534		$	(1,854	)		(6.5	%)	$	84,640		$	89,358		$	(4,718	)		(5.3	%)

As a % of sales		39.3	%		39.4	%								39.7	%		38.6	%

The decrease in gross profit as a percentage of sales during the thirteen weeks ended October 31, 2015 was due to higher distribution and freight costs. The increase in gross profit as a percentage of sales during the thirty-nine weeks ended October 31, 2015 was due to a shift in mix to higher margin categories as well as improved margins in the media categories through improved inventory control and better price management.

SG&A Expenses. The following table sets forth a period over period comparison of the Company’s SG&A expenses:

	Thirteen weeks ended (in thousands)						Change						Thirty-nine weeks ended (in thousands)						Change
	October 31, 2015			November 1, 2014			$			%			October 31, 2015			November 1, 2014			$			%
SG&A	$	30,475		$	32,520		$	(2,045	)		(6.3	%)	$	90,318		$	97,772		$	(7,454	)		(7.6	%)

As a % of sales		44.9	%		44.9	%								42.3	%		42.2	%

For the thirteen weeks ended October 31, 2015, SG&A expenses decreased $2.0 million, or 6.3%, consistent with net sales decline of 6.3%. SG&A expenses as a percentage of net sales were flat. The overall reduction in SG&A expenses was primarily due to fewer stores in operation.

For the thirty-nine weeks ended October 31, 2015, SG&A expenses decreased $7.5 million, or 7.6% on the net sales decline of 7.9% resulting in a 10 basis point increase in SG&A expenses as a percentage of net sales. The overall reduction in SG&A expenses was primarily due to fewer stores in operation.

Interest Expense, Net. Net interest expense was $0.5 million and $1.4 million during the thirteen and thirty-nine weeks, respectively, for both periods ended October 31, 2015, and November 1, 2014. Net interest expense consists primarily of interest on capital leases.

Income Tax Expense. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income. Management considers the scheduled reversal of taxable temporary differences, projected future taxable income and tax planning strategies in making this assessment. Based on available objective evidence, management concluded that a full valuation allowance should be recorded against the Company’s deferred tax assets. Management will continue to assess the need for and amount of the valuation allowance against the deferred tax assets by giving consideration to all available evidence to the Company’s ability to generate future taxable income in its conclusion of the need for a full valuation allowance. Any

reversal of the Company’s valuation allowance will favorably impact its results of operations in the period of reversal. The Company is currently unable to determine whether or when that reversal might occur, but it will continue to assess the realizability of its deferred tax assets and will adjust the valuation allowance if it is more likely than not that all or a portion of the deferred tax assets will become realizable in the future. The Company has significant net operating loss carry forwards and other tax attributes that are available to offset projected taxable income and current taxes payable, if any, for the year ending January 30, 2016. The deferred tax impact resulting from the utilization of the net operating loss carry forwards and other tax attributes will be offset by a reduction in the valuation allowance. As of January 31, 2015, the Company had a net operating loss carry forward of $158.8 million for federal income tax purposes and approximately $247 million for state income tax purposes that expire at various times through 2031 and are subject to certain limitations and statutory expiration periods.

For the thirteen and thirty-nine week periods ended October 31, 2015 and November 1, 2014, the Company’s current tax expense was associated with quarter-specific items attributable to interest accruals on related uncertain tax positions and state taxes based on modified gross receipts incurred for these thirteen and thirty-nine week periods.

Net Loss: The following table sets forth a period over period comparison of the Company’s net loss:

	Thirteen weeks ended									Thirty-nine weeks ended
	October 31, 2015			November 1, 2014			Change			October 31, 2015			November 1, 2014			Change
	(in thousands)									(in thousands)
Loss before income tax	$	(4,283	)	$	(4,455	)	$	172		$	(7,045	)	$	(9,843	)	$	2,798

Income tax expense		45			21			(24	)		134			115			(19	)
Net loss	$	(4,328	)	$	(4,476	)	$	148		$	(7,179	)	$	(9,958	)	$	2,779

For the thirteen weeks ended October 31, 2015, the Company’s net loss was $4.3 million compared to a net loss of $4.5 million for the thirteen weeks ended November 1, 2014. For the thirty-nine weeks ended October 31, 2015, the Company’s net loss was $7.2 million, compared to a net loss of $10.0 million for the thirty-nine weeks ended November 1, 2014.

LIQUIDITY

Liquidity and Cash Flows: The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 to the condensed consolidated financial statements for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of net sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, its seasonal increase in merchandise inventory and other operating cash requirements and commitments.

Management anticipates that any future cash requirements due to a shortfall in cash from operations would be funded by the Company’s cash and cash equivalents on hand and its revolving credit facility, discussed hereafter. The Company does not expect any material changes in the mix (between equity and debt) or the relative cost of capital resources.

The following table sets forth a summary of key components of cash flow and working capital for each of the thirty-nine weeks ended October 31, 2015 and November 1, 2014, or at those dates:

	As of or for the Thirty-nine weeks ended						Change
(in thousands)	October 31, 2015			November 1, 2014			$
Operating Cash Flows	$	(26,165	)	$	(24,995	)	($	1,170	)
Investing Cash Flows		(16,093	)		(7,390	)	($	8,703	)
Financing Cash Flows		(1,425	)		(19,251	)	$	17,826
Capital Expenditures		(15,293	)		(7,390	)	($	7,903	)

Cash and Cash Equivalents		74,854			79,366		($	4,512	)
Merchandise Inventory		149,524			158,017		($	8,493	)
Working Capital		155,967			162,042		($	6,075	)

The Company had cash and cash equivalents of $74.9 million at October 31, 2015, compared to $118.5 million at January 31, 2015 and $79.4 million at November 1, 2014. Merchandise inventory was $83 per square foot at October 31, 2015 compared to $82 per square foot as of November 1, 2014.

Cash used by operating activities was $26.2 million for the thirty-nine weeks ended October 31, 2015. The primary uses of cash were a net loss of $7.2 million and $23.1 million seasonal increase of inventory offset by $3.7 million depreciation expense. The Company’s merchandise inventory and accounts payable are influenced by the seasonality of its business. A significant reduction of accounts payable occurs annually in the fiscal first quarter, reflecting payments for merchandise inventory purchased during the prior year’s holiday season.

Cash used by investing activities, which was constituted primarily of capital expenditures, was $15.3 million for the thirty-nine weeks ended October 31, 2015. Also included in cash flows from investing activities is a $0.8 million investment, which was recorded on the Company’s balance sheet as a short –term convertible note receivable.

Cash used by financing activities was $1.4 million for the thirty-nine weeks ended October 31, 2015. The primary uses of cash were the purchases of common stock for $0.6 million and payments on capital leases for $0.8 million.

During the thirty-nine weeks ended October 31, 2015, the Company repurchased approximately 176,268 shares of common stock at an average price of $3.70 per share. Since the inception of the program, the Company has repurchased 1,750,086 shares of common stock at an average price of $3.84 per share. The Company has approximately $15.3 million available for future purchases under its repurchase program.

On March 6, 2014, the Board of Directors declared a special cash dividend of $0.50 per common share. The total special dividend payout was $16.0 million. The dividend was paid on April 3, 2014.

Refer to footnote 6 in the condensed consolidated financial statements for further information regarding the Company’s credit facility.

Capital Expenditures. During the thirty-nine weeks ended October 31, 2015, the Company made capital expenditures of $15.3 million. Due to the 6 new store openings and 4 remodeled stores and the addition of new fixtures in existing locations to support the shifting merchandise assortment, the Company currently plans to spend approximately $18.0 million in total for capital expenditures in fiscal 2015, as compared to $15.0 million previously disclosed.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires that management apply accounting policies and make estimates and assumptions that affect results of operations and the reported amounts of assets and liabilities in the financial statements. Management continually evaluates its estimates and judgments including those related to merchandise inventory and return costs, income taxes and accounting for gift card liability. Management bases its estimates and judgments on historical experience and other factors

that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Form 10-K for the year ended January 31, 2015 includes a summary of the critical accounting policies and methods used by the Company in the preparation of its condensed consolidated financial statements. There have been no material changes or modifications to the policies since January 31, 2015.

Recently Issued Accounting Pronouncements:

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 28, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue standard. As a result of this proposal, ASU 2014-09 would be effective for the Company beginning on February 4, 2018.

In November 2014, the FASB issued ASU No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires the Company to assess their ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of Company’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The new standard is effective for reporting periods beginning after December 15, 2016. Early application is permitted. The Company does not expect the adoption of this update to have a significant effect on its financial statements.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART I – FINANCIAL INFORMATION

Item 3 - Quantitative and Qualitative Disclosures about Market Risk

To the extent the Company borrows under its Credit Facility, the Company is subject to risk resulting from interest rate fluctuations since interest on the Company’s borrowings under its Credit Facility can be variable. Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability as defined in the Credit Agreement, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Base Rate loans ranging from 0.75% to 1.25%. If interest rates on the Company’s Credit Facility were to increase by 25 basis points, and to the extent borrowings were outstanding, for every $1,000,000 outstanding on the facility, income before income taxes would be reduced by $2,500 per year. For a discussion of the Company’s accounting policies for financial instruments and further disclosures relating to financial instruments, see “Nature of Operations and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015. The Company does not currently hold any derivative instruments.

Item 4 – Controls and Procedures

(a) Evaluation of disclosure controls and procedures. The Company’s Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of October 31, 2015, have concluded that as of such date the Company’s disclosure controls and procedures were effective and designed to ensure that (i) information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (ii) information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in internal controls. There have been no changes in the Company’s internal controls over financial reporting that occurred during the fiscal quarter covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

TRANS WORLD ENTERTAINMENT CORPORATION AND SUBSIDIARIES

PART II - OTHER INFORMATION

Item 1 – Legal Proceedings

The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is management’s opinion, based upon the information available at this time, that the expected outcome of these matters, individually and in the aggregate, will not have a material adverse effect on the results of operations and financial condition of the Company.

Item 1A – Risk Factors

Risks relating to the Company’s business and Common Stock are described in detail in Item 1A of the Company’s most recently filed Annual Report on Form 10-K for the year ended January 31, 2015.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

Below is a summary of share repurchase activity for the 3 month period ended October 31, 2015:

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
August 2- August 29, 2015		8,788	$	3.58		8,788	$	15,483,505
August 30- September 26, 2015		19,793	$	3.76		19,793	$	15,408,028
September 27- October 31, 2015		32,829	$	3.87		32,829	$	15,280,171
Total		61,410	$	3.83		61,410

Item 3 – Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Disclosure

Not Applicable.

Item 5 – Other Information

None.

Item 6 - Exhibits

(A) Exhibits -

Exhibit No.		Description
	10.1	Lease, dated December 4, 2015, between Robert J. Higgins, as Landlord and Record Town, Inc. and Trans World Entertainment Corporation, as Tenant.

	31.1	Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	31.2	Chief Financial Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	32	Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	101.INS	XBRL Instance Document (furnished herewith)

	101.SCH	XBRL Taxonomy Extension Schema (furnished herewith)

	101.CAL	XBRL Taxonomy Extension Calculation Linkbase (furnished herewith)

	101.DEF	XBRL Taxonomy Extension Definition Linkbase (furnished herewith)

	101.LAB	XBRL Taxonomy Extension Label Linkbase (furnished herewith)

	101.PRE	XBRL Taxonomy Extension Presentation Linkbase (furnished herewith)

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TRANS WORLD ENTERTAINMENT CORPORATION

December 10, 2015	By: /s/ Michael Feurer
	Michael Feurer
	Chairman and Chief Executive Officer
	(Principal Executive Officer)

December 10, 2015	By: /s/ John Anderson
	John Anderson
	Chief Financial Officer
	(Principal and Chief Accounting Officer)

EX-10.1 2 c83201_ex10-1.htm

Exhibit 10.1

RJHDC, LLC,

Landlord

and

RECORD TOWN, INC. and TRANS WORLD ENTERTAINMENT CORPORATION,

Tenant

AMENDED AND RESTATED LEASE

dated as of December 4, 2015

38 Corporate Circle, Albany, New York

TABLE OF CONTENTS

	Page

ARTICLE 1 DEMISE, RENT AND DEFINITIONS	1

ARTICLE 2 USE, COMPLIANCE AND SIGNS	5

ARTICLE 3 CONDITION OF PREMISES	5

ARTICLE 4 TAX PAYMENTS	6

ARTICLE 5 [INTENTIONALLY OMITTED]	7

ARTICLE 6 SUBORDINATION TO MORTGAGES, LEASES AND DECLARATION OF RESTRICTIONS	7

ARTICLE 7 QUIET ENJOYMENT	8

ARTICLE 8 ASSIGNMENT, SUBLETTING AND MORTGAGING	9

ARTICLE 9 COMPLIANCE WITH LEGAL REQUIREMENTS	11

ARTICLE 10 INSURANCE	12

ARTICLE 11 ALTERATIONS	13

ARTICLE 12 LANDLORD’S AND TENANT’S PROPERTY; REMOVAL AT END OF TERM	17

ARTICLE 13 REPAIRS AND MAINTENANCE	18

ARTICLE 14 ELECTRIC ENERGY	20

ARTICLE 15 HEAT, VENTILATION AND AIR CONDITIONING	21

ARTICLE 16 OTHER SERVICES, SERVICE INTERRUPTION	21

ARTICLE 17 ACCESS, NOTICE OF OCCURRENCES, WINDOWS, NAME OF BUILDING AND NO DEDICATION	22

ARTICLE 18 NON-LIABILITY AND INDEMNIFICATION	23

ARTICLE 19 DAMAGE OR DESTRUCTION	25

ARTICLE 20 EMINENT DOMAIN	27

ARTICLE 21 SURRENDER AND HOLDING OVER	28

ARTICLE 22 DEFAULT	28

TABLE OF CONTENTS (continued)

	Page

ARTICLE 23 RE-ENTRY BY LANDLORD	30

ARTICLE 24 DAMAGES	30

ARTICLE 25 WAIVERS	32

ARTICLE 26 CURING TENANT’S DEFAULTS AND COSTS OF ENFORCEMENT	33

ARTICLE 27 BROKER	33

ARTICLE 28 NOTICES	33

ARTICLE 29 ESTOPPEL CERTIFICATES, FINANCIAL STATEMENTS, AND MEMORANDUM OF LEASE	34

ARTICLE 30 FORCE MAJEURE	34

ARTICLE 31 CONSENTS	35

ARTICLE 32 MISCELLANEOUS	36

ARTICLE 33 Landlord’s Default	38

ARTICLE 34 [INTENTIONALLY OMITTED]	38

ARTICLE 35 [INTENTIONALLY OMITTED]	39

ARTICLE 36 ABILITY TO CONTEST ADDITIONAL CHARGES	39

ARTICLE 37 WAIVER OF LANDLORD’S LIEN	40

ARTICLE 38 TENANT FINANCING	40

EXHIBITS AND SCHEDULES

Schedule 1 – FIXED RENT

Exhibit A – DEMISED PREMISES

Exhibit B – THE LAND

Exhibit C-1– REQUIRED WORK

Exhibit C-2 – REQUIRED WORK REPORTS

iii

This Amended and Restated Lease, dated as of December 4, 2015 (together with all Exhibits and Schedules attached hereto and made a part hereof, and as may be amended, modified, extended or otherwise modified from time to time, this “Lease”), between RJHDC, LLC, having its principal office at P.O. Box 12935, County of Albany, State of New York 12212 (“Landlord”) and RECORD TOWN, INC. and TRANS WORLD ENTERTAINMENT CORPORATION, each a New York corporation having their principal offices at 38 Corporate Circle, Albany County, New York (“Tenant”).

W I T N E S S E T H :

WHEREAS, pursuant to a lease dated as of April 1, 1985, as amended by that certain Addendum to Agreement dated April 1, 1985 (the “Existing 1985 Lease”) between Landlord and Tenant, Landlord leased to Tenant an office building and distribution center located at 38 Corporate Circle, Albany, New York (“1985 Demised Premises”);

WHEREAS, pursuant to a lease dated as of November 1, 1989 (the “Existing 1989 Lease”) between Landlord and Tenant, Landlord leased to Tenant additional warehouse space located partially on the 1985 Demised Premises and extending onto a contiguous parcel owned by Landlord and as more fully described on Exhibit A, B and C attached thereto (the “1989 Demised Premises”);

WHEREAS, pursuant to a lease dated as of September 1, 1998 (the “Existing 1998 Lease” and together with the Existing 1985 Lease and Existing 1989 Lease, the “Existing Leases”) between Landlord and Tenant, Landlord leased to Tenant additional office space located partially on the 1985 Demised Premises and extending onto a contiguous parcel owned by Landlord and as more fully described on Exhibit A, B and C attached thereto (the “1998 Demised Premises” and together with the 1985 Demised Premises and 1989 Demised Premises, collectively, the “Demised Premises”);

WHEREAS, Landlord and Tenant, desire to amend and restate the Existing Leases, all on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, Landlord and Tenant agree hereby mutually agree that the Existing Leases be amended and restated as follows:

ARTICLE 1

DEMISE, RENT AND DEFINITIONS

1.1 (a) Landlord and Tenant hereby amend and restate the Existing Leases in their entirety, and Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, upon and subject to all of the terms and conditions of this Lease, the

Demised Premises comprised of that certain office and warehouse space as more fully described on Exhibit A attached hereto, located on land more commonly known as 38 Corporate Circle, Albany, New York, together with all fixtures, improvements and decorations of all walls now installed in the Demised Premises. The land is more fully described in Exhibit B attached hereto (the “Land”). The Demised Premises and the Land are collectively referred to as the “Property”). The Landlord represents that, to the best of its knowledge, the Demised Premises shall be deemed to have a rentable area of 39,800 square feet of office space and 141,500 square feet of warehouse space, the Demised Premises shall be deemed to have a total rentable area of 181,300 square feet. Tenant shall have the right to verify the rentable square footage of the Demised Premises within thirty (30) days following execution hereof. If Tenant’s and Landlord’s space planners cannot agree on the rentable square footage of the Demised Premises within ten (10) days after the Commencement Date, then the two (2) space planners, using reasonable discretion, shall mutually select a third space planner to make the final decision, which decision shall not entail a number that is greater than the larger number proposed by the two (2) space planners or a number that is less than the smaller number proposed by the two (2) space planners. Each party shall pay the fees of its own space planner and shall share equally the fees for the third space planner. In the event that the number of rentable square feet as determined by the space planner(s) is different from the original determination of rentable square footage mentioned above, Landlord and Tenant shall execute an amendment to this Lease setting forth the exact number of rentable square feet and adjusting all payments and pro-rations hereunder, as necessary. Tenant acknowledges and agrees that all obligations, including the obligation to pay rent and additional rent under the Existing Leases shall remain in effect until the Commencement Date (as hereinafter defined) and Tenant shall continue to pay all such existing rent and additional rent as the same shall become due and payable under the Existing Leases until Commencement Date.

1.2 The term of this Lease (“Term”) shall commence on January 1, 2016 (the “Commencement Date”) and shall end at 11:59 p.m. on December 31, 2020 (such date, as may be extended as provided herein, the “Expiration Date”), or on such earlier date upon which this Lease shall sooner terminate for any reason. The period commencing on the Commencement Date through and including December 31, 2020 shall be referred to herein as the “Initial Term”).

1.3 Commencing on the Commencement Date, Tenant shall pay Landlord the following rents:

(i) fixed rent (“Fixed Rent”) as set forth on Schedule 1 attached hereto, which Fixed Rent shall be payable in equal monthly installments in advance on the Commencement Date and on the first day of each and every calendar month thereafter during the Initial Term;

(ii) additional rent (“Additional Charges”) consisting of all other sums of money that become due from Tenant and payable to Landlord pursuant to the terms hereof, which Additional Charges shall be payable within thirty (30) days following demand, except as may be specifically provided otherwise in this Lease. All

Fixed Rent and Additional Charges shall be paid to Landlord in lawful money of the United States by wire transfer to the account designated by Landlord to Tenant. Landlord may at any time and from time to time designate a different account for wire transfer upon thirty (30) days’ prior written notice to Tenant; and

1.4 Tenant shall pay Fixed Rent and Additional Charges promptly when due without notice or demand therefor (except as may be otherwise provided elsewhere in this Lease for Additional Charges) and without any abatement, deduction or setoff for any reason except as otherwise expressly provided in this Lease. Landlord shall have the same remedies for default in payment of Additional Charges as Landlord has for default in payment of Fixed Rent. If the Commencement Date or Expiration Date occurs on a day other than the first or last day of a calendar month, as the case may be, Fixed Rent for the partial calendar month shall be appropriately adjusted.

1.5 No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Fixed Rent or Additional Charges shall be or be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be or be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy provided in this Lease or at law or in equity. No payment by Tenant shall preclude Tenant from later contesting such payment in accordance with this Lease.

1.6 It is understood and agreed that the general intent and purposes of this Lease shall be a triple net lease with respect to Landlord. The Tenant shall pay all of the actual Taxes (as hereinafter defined), Tenant’s insurance, utilities, repairs and all normal maintenance costs for the entire Demised Premises, except for such costs, expenses and obligations that are responsibility of the Landlord as more fully set forth herein.

1.7 The following terms, whenever used in this Lease, shall have the meanings indicated:

(a) The term “Business Days” shall mean such Mondays, Tuesdays, Wednesdays, Thursdays and Fridays that do not fall on the days celebrated as New Year’s Day, Martin Luther King Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, day after Thanksgiving or Christmas Day, or on such other days as may now or hereafter be celebrated as holidays or on which there is no regular United States postal service.

(b) The term “Hazardous Substance” means radon, formaldehyde, urea, chlorofluorocarbons, or any flammable substance, explosive, radioactive material, asbestos, chemical known to cause cancer or reproductive toxicity, pollutant, contaminant, hazardous waste, medical waste, toxic substance or related material, petroleum or petroleum product, or other substance declared to be hazardous or toxic under environmental law applicable to the Premises, or toxic mold.

(c) The term “Landlord” shall mean only the owner at the time in question of the Property, so that in the event of any transfer or transfers of title to the Property, whether by sale or assignment or superior lease of all or substantially all of the Land, the transferor shall be relieved and freed of all obligations of Landlord under this Lease accruing from and after the date of transfer (but shall not be relieved of any obligations accruing up to the date of transfer and Landlord shall be subject to the provisions of Article 19), provided the transferee shall agree in writing to perform and observe all obligations of Landlord under this Lease during the period it is the holder of Landlord’s interest under this Lease, subject, however, to the provisions of Article 19.

(d) The term “Lease Year” shall mean the twelve month period commencing on January 1, 2016 and ending on December 31, 2016, and each subsequent twelve month period thereafter during the Term.

(e) The term “Legal Requirements” shall mean laws and ordinances of federal, state, city, town, county, borough and village governments having jurisdiction over the Property, Landlord and/or Tenant, as applicable, and rules, regulations, orders and directives of all departments, subdivisions, bureaus, agencies or offices thereof, and of any other governmental, public or quasi-public authorities having jurisdiction over the Property, Landlord and/or Tenant, as applicable, and the directions of any public officers having jurisdiction over the Property, Landlord and/or Tenant, as applicable, pursuant to law, whether now or hereafter in force, including, without limitation, all laws governing environmental conditions caused by Tenant at any time occupying the Demised Premises or arising from Tenant’s use or occupancy of the Demised Premises, or Tenant’s use, generation, storage, transportation, or disposal of Hazardous Substances.

(f) The term “Tenant Affiliate” shall mean (x) a wholly-owned subsidiary of Tenant or any corporation or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by Tenant or is under common control with Tenant, or (y) any entity (i) to which substantially all the assets of Tenant are transferred, or (ii) into which Tenant may be merged or consolidated, provided that any such transaction complies with the other provisions of this Lease. For purposes of this Lease, “control” shall be deemed to be ownership of more than fifty percent (50%) of the stock or other voting interest of the controlled corporation and when used with respect to an entity that is a partnership, limited liability company, tenancy-in-common or other business entity, more than 50% of all of the legal and equitable interests in a partnership, limited liability company, tenancy-in-common or other business entity (determined without regard to cash flow preferences and similar items).

(g) The term “untenantable” shall mean a condition resulting in Tenant being unable to use or have commercially reasonable access to all or a material portion of the Demised Premises for the normal conduct of Tenant’s business.

ARTICLE 2

USE, COMPLIANCE AND SIGNS

2.1 The Demised Premises shall be used and occupied by Tenant (and its permitted subtenants, invitees and assignees) as a warehouse and office and for any other lawful purpose. Landlord has delivered to Tenant a true and correct copy of the certificate of occupancy with respect to the Demised Premises.

2.2 If any governmental license or permit is required for the proper and lawful conduct of Tenant’s business in the Demised Premises, Tenant, at its expense, shall procure and maintain such license or permit and submit the same to Landlord for inspection. Landlord agrees, at Tenant’s cost and expense, to reasonably cooperate with Tenant in Tenant’s efforts to procure any such license or permit. Tenant shall at all times comply with the terms and conditions of each such license or permit. Tenant shall not use, or suffer or permit any person to use, the Demised Premises, or any part thereof, in any manner which (a) violates the certificate of occupancy for the Demised Premises or any other permit or license issued pursuant to any Legal Requirements, (b) except to a de minimis amount, causes injury to the Demised Premises (provided Tenant shall repair such injury at its cost and expense), or (c) constitutes an actionable violation of the Legal Requirements. Landlord represents that the use of the Demised Premises as set forth above does not violate the certificate of occupancy.

2.3 Any and all existing signage in the name of Tenant located at the Property is permitted at the Property and is be deemed approved by the Landlord.

ARTICLE 3

CONDITION OF PREMISES

3.1 Tenant has examined the Demised Premises and agrees to accept the same in its “as is” condition and state of repair existing as of the date hereof subject to the Required Work (as hereinafter defined) to be performed pursuant to Section 11.4 and subject to normal wear and tear, and the repair obligations set forth herein including the Required Work (as hereinafter defined) and understands and agrees that Landlord shall not be required to perform any work, supply any materials or incur any expense to prepare the Demised Premises for Tenant’s occupancy, other than as set forth herein. To the extent that on the Commencement Date any furnishings and/or other articles of movable personal property of Landlord (the “Landlord’s Personal Property”) remains in the Demised Premises, the Landlord’s Personal Property shall become part of the Demised Premises (at no additional cost to Tenant), and shall be treated for all purposes of this Lease as if it were Tenant’s Property (as hereinafter defined).

ARTICLE 4

TAX PAYMENTS

4.1 Tenant covenants and agrees to pay, before any fine, penalty, interest or cost may be added thereto for the non-payment thereof, all property taxes, assessments, water and sewer rates and charges, and other governmental charges, general and special, ordinary and extraordinary, unforeseen as well as foreseen, of any kind and nature whatsoever (all of which taxes, assessments, water and sewer rates or charges, and other governmental charges are hereinafter referred to as “Taxes”), that are assessed, levied, imposed or become a lien upon the Demised Premises, or become payable, during the term of this Lease; provided, however, that if, by law, any such Tax may at the option of the taxpayer be paid in installments (whether or not interest shall accrue on the unpaid balance of such imposition), Tenant may exercise the option to pay the same (and any accrued interest on the unpaid balance of such Tax) in installments and shall pay only such installments as may become due during the term of this Lease as the same respectively become due and before any fine, penalty, interest or cost may be added thereto, for the non-payment of any such installment and interest; and provided, further, that Tax relating to a fiscal period of the taxing authority, a part of which period is included within the term of this Lease and a part of which is included in a period of time after the termination of this Lease, shall (whether or not such Tax shall be assessed, levied, imposed or become a lien upon the Demised Premises, or shall become payable, during the term of this Lease) be adjusted between Landlord and Tenant as of the expiration of the term of this Lease, so that Landlord shall pay that portion of such Tax that relates to that part of the fiscal period after the termination of this Lease, and Tenant shall pay that portion of which relates to the period prior to the termination of the Lease. In the event that Landlord pays a Tax which is responsibility of the Tenant under this Lease, such Tax will be considered an Additional Charge due and payable to Landlord.

4.2. Nothing contained in this Lease shall require Tenant to pay any franchise, corporate, estate, inheritance, succession, capital levy, stamp tax or transfer tax of Landlord, or any income, excess profits or revenue tax or any other tax, assessment, charge or levy upon the Fixed Rent or Additional Charges payable by Tenant under this Lease, nor shall any tax, assessment, charge or levy of the character hereinabove in this Section described be deemed to be included within the term “Taxes” as defined above.

4.3. Tenant covenants, upon request of Landlord, to furnish to Landlord for inspection by it within sixty (60) days after the date when any Tax is payable, official receipts of the appropriate taxing authority, or other evidence reasonably satisfactory to Landlord, evidencing the payment of such Tax.

4.4. Tenant shall have the right to contest amount or validity, or to seek a refund, in whole or in part, of any Tax by appropriate proceedings. Upon the termination of such proceedings, Tenant shall pay the amount of such Tax or part thereof as finally determined in such proceedings, the payment of which may have been deferred during the prosecution of such proceedings, together with any costs, fees, interest, penalties or other liabilities in connection therewith. Landlord agrees not to unreasonably withhold,

condition or delay its consent to joining in any such proceedings or permitting the same to be brought in its name. Landlord shall not ultimately be subjected to any liability for the payment of any costs or expenses in connection with any such proceeding, and Tenant covenants to indemnify, save and hold harmless Landlord from any such costs or expenses. Tenant shall be entitled promptly to any refund of any such Tax and penalties or interest thereon that have been paid by Tenant, or that have been paid by Landlord and for which Landlord has been fully reimbursed.

4.5. The certificate, advice or bill of the appropriate official designated by law to make or issue the same or to receive payment of any Tax, of non-payment thereof, shall be prima facie evidence that such Tax is due and unpaid at the time of the making or issuance of such certificate, advice or bill.

ARTICLE 5

[INTENTIONALLY OMITTED]

ARTICLE 6

SUBORDINATION TO MORTGAGES, LEASES
AND DECLARATION OF RESTRICTIONS

6.1 Tenant agrees to subordinate its interest under this Lease to all mortgages now or hereafter existing affecting the Property, whether or not such mortgages also cover other lands and/or buildings and/or leases, to each and every advance made or hereafter to be made under such mortgages, and to all renewals, modifications, replacements and extensions of such leases and mortgages, and spreaders and consolidations of such mortgages provided that, as a condition to such subordination, Tenant, Landlord and the party to whose interest Tenant agrees to subordinate its interest under this Lease shall execute and deliver to each other a subordination, non-disturbance and attornment agreement in a commercially reasonable form mutually acceptable to each party, providing that, so long as Tenant is not in default under this Lease beyond any applicable notice and cure period, this Lease shall remain in full force and effect and the holder of the mortgage and any purchaser at foreclosure shall not disturb Tenant’s leasehold estate evidenced by this Lease or the rights granted to Tenant hereunder. In confirmation of such subordination, non-disturbance or priority, Landlord and Tenant shall promptly execute, acknowledge and deliver any instrument that Landlord, Tenant, and holder of any such mortgage may reasonably request to evidence such subordination, non-disturbance or priority, such instrument to be in a commercially reasonable form acceptable to each party. Any mortgage to which this Lease is subject and subordinate is herein called a “Superior Mortgage” and the holder of a Superior Mortgage is herein called a “Superior Mortgagee”. Landlord represents and warrants to Tenant that there is no Superior Mortgage presently encumbering any portion of the Property.

6.2 On condition that Tenant, Landlord and the Superior Mortgagee enter into a subordination, non-disturbance and attornment agreement as described in

Section 6.1, Tenant covenants and agrees that if the holder of a Superior Mortgage succeeds to the interest of Landlord hereunder, then at the option of the then holder of the reversionary interest in the Demised Premises demised by this Lease, Tenant will attorn to such holder and will recognize such holder as the Tenant’s Landlord under this Lease, except that such holder shall not be (i) liable for any previous act or omission of Landlord under this Lease, (ii) subject to any offsets or defenses, not expressly provided in this Lease, to the extent the same theretofore accrued to the Tenant against Landlord, (iii) liable for any security deposited by Tenant which has not been transferred to such holder, (iv) bound by any previous prepayment of more than one month’s rent, other than overpayments in respect of Taxes, and (v) bound by any obligation to make any payment to, or on behalf of, the Tenant or provide any services or perform any repairs, maintenance or restoration provided for under this Lease to be performed before the date that such holder succeeded to the interest of Landlord under this Lease or bound by any obligation to make any payment to Tenant with respect to construction performed by, or on behalf of, Tenant at the Demised Premises. Tenant agrees, at Landlord’s cost and expense, to execute and deliver, at any time and from time to time, upon the request of Landlord or of the holder of any Superior Mortgage any commercially reasonable instrument which may be necessary or appropriate to evidence such attornment.

6.3 If any prospective or actual Superior Mortgagee requires any modification of this Lease, Tenant, upon notice thereof from Landlord, shall use commercially reasonable efforts to promptly execute and deliver to Landlord any reasonable instrument accompanying said notice from Landlord to effect such modification if such instrument is in reasonable form and (i) does not adversely affect any of Tenant’s rights under this Lease and (ii) does not increase any of Tenant’s obligations or decrease any of Tenant’s rights under this Lease.

ARTICLE 7

QUIET ENJOYMENT

7.1 So long as no Event of Default shall have occurred and be continuing, Tenant shall peaceably and quietly have, hold and enjoy the Demised Premises without hindrance, ejection or molestation by Landlord or any person claiming through or under Landlord, subject to the provisions of this Lease and/or any Superior Mortgages. This covenant shall be construed both as a covenant running with the Land and as a personal covenant of Landlord.

ARTICLE 8

ASSIGNMENT, SUBLETTING AND MORTGAGING

8.1 Tenant shall not, voluntarily, involuntarily, by operation of law or otherwise, except with the prior consent of Landlord (which consent shall not be unreasonably withheld, conditioned or delayed) or as otherwise expressly permitted in this Article 8: (a) assign or otherwise transfer this Lease, or (b) sublet the Demised Premises or any part thereof, or allow same to be used, occupied or utilized by any person other than Tenant. Notwithstanding the foregoing, Tenant may permit Tenant Affiliates to occupy all or any portion of the Premises without the prior consent of Landlord, subject to all other provisions of this Lease.

8.2 Tenant shall have the right, without Landlord’s consent, to assign this Lease with respect to the Demised Premises, or sublease all or part of the Demised Premises for the uses permitted hereunder, to a Tenant Affiliate, provided that (a) Landlord is given notice thereof and, upon request, reasonably satisfactory proof that the requirements of this Lease have been met and (b) Tenant agrees it shall remain liable, jointly and severally, with any assignee, for the obligations of Tenant under this Lease.

8.3 If this Lease is assigned, whether or not in violation of the provisions of this Lease, Landlord may collect rent from the assignee. If the Demised Premises or any part thereof is sublet or occupied by any person other than Tenant, whether or not in violation of this Lease, Landlord may, after default by Tenant beyond applicable notice, grace and cure periods, collect rent from the subtenant or occupant. In either of such events, Landlord shall apply the net amount collected to Fixed Rent and Additional Charges herein reserved and which are or become due and payable, but no such assignment, subletting, occupancy or collection shall be nor be deemed to be a waiver of any of the provisions of this Article, or the acceptance of the assignee, subtenant or occupant as Tenant, or a release of Tenant from the performance by Tenant of Tenant’s obligations under this Lease. The consent by Landlord to any assignment, mortgaging, subletting or occupancy by others shall not relieve Tenant of the obligation to obtain the consent of Landlord to any other or further assignment, mortgaging, subletting or occupancy by others not expressly permitted by this Article.

8.4 Any assignment or equivalent transfer, whether or not Landlord’s consent is required, shall be made only if and shall not be effective until the assignee executes and delivers to Landlord an agreement in form and substance reasonably satisfactory to Landlord and assignee whereby the assignee assumes the obligations of Tenant under this Lease and whereby the assignee agrees that the provisions of this Article shall, notwithstanding such assignment or transfer, continue to be binding upon it in respect of all future assignments and transfers. Notwithstanding any assignment or transfer, whether or not in violation of the provisions of this Lease, and notwithstanding the acceptance of Fixed Rent or Additional Charges by Landlord from an assignee, transferee, or any other person, the original Tenant herein named and any and all successors in interest of the original Tenant herein named shall remain fully liable (jointly and severally with any immediate or remote successor in interest, including the

then Tenant) for the payment of Fixed Rent and Additional Charges and for the other obligations of Tenant under this Lease.

8.5 The liability pursuant to this Lease of the original Tenant herein named and any immediate or remote successor in interest of the original Tenant herein named shall not be discharged, released or impaired in any respect by any agreement or stipulation made by Landlord with the then Tenant extending the time of, or modifying any of the obligations under, this Lease (except to the extent any such modification increases the obligations of the then Tenant), or by any waiver or failure of Landlord to enforce any of the obligations of Tenant under this Lease.

8.6 Neither the listing of any name other than that of Tenant, whether on Demised Premises or otherwise, nor the acceptance by Landlord of any check drawn by a person other than Tenant in payment of Fixed Rent or Additional Charges, shall operate to vest in any person any right or interest in this Lease or in the Demised Premises, nor shall same be deemed to be the consent of Landlord to any assignment or transfer of this Lease or to any sublease of the Demised Premises or to the occupancy thereof by any person other than Tenant.

8.7 With respect to any subletting to any subtenant and/or acceptance of rent or additional rent by Landlord from any subtenant, (a) Tenant shall remain fully liable for the payment of Fixed Rent and Additional Charges due and to become due hereunder and for all of the other obligations of Tenant under this Lease and (b) Tenant shall remain fully liable for all acts and omissions of any licensee or subtenant or any person claiming through or under any licensee or subtenant that are in violation of any of the obligations of Tenant under this Lease, and any such violation shall be deemed to be a violation by Tenant. Notwithstanding any such subletting, no other or further subletting of the Demised Premises by Tenant or any person claiming through or under Tenant shall be made except in compliance with and subject to the provisions of this Article.

8.8 In respect of every permitted sublease:

(a) no sublease shall be for a term ending later than the day before the Expiration Date,

(b) no sublease shall be valid, and no subtenant shall take possession of the Demised Premises or any part thereof, until an executed counterpart of such sublease shall have been delivered to Landlord,

(c) each sublease shall provide that it is subject and subordinate to this Lease and to the matters to which this Lease is or shall be subordinate, and that in the event of termination, reentry or dispossess by Landlord under this Lease, Landlord may, at its option, take over all of the right, title and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord’s option, attorn to Landlord pursuant to the then executory provisions of such sublease and execute and deliver such instruments as Landlord may reasonably request to evidence and confirm such attornment, except that Landlord shall not be (i) liable for any previous act or

omission of Tenant under such sublease, (ii) subject to any offset which had accrued to such subtenant against Tenant, (iii) bound by any previous modification of such sublease not consented to by Landlord or by any prepayment of more than one month’s rent or additional rent, (iv) obligated to make any payment to or on behalf of such subtenant or to perform any repairs or other work in the subleased space or the Property beyond Landlord’s obligations under this Lease, or (v) required to account for any security deposit other than any actually delivered to Landlord,

(d) Tenant shall not publicly advertise the rental rate or any description thereof to be paid by the proposed subtenant or assignee, and

8.9 If Tenant at any time requests Landlord to sublet the Premises for Tenant’s account, Landlord is authorized to receive keys for such purpose without releasing Tenant from any of its obligations under this Lease, and Landlord shall exercise reasonable care to prevent damage to Tenant’s Property and the Demised Premises.

8.10 Notwithstanding any other provision of this Lease, the transfer of any stock, partnership or other ownership interests of Tenant (other than the transfer of control of Tenant by one entity which controls Tenant or by several entities which are Tenant Affiliates or are acting under an agreement and collectively control Tenant) shall not constitute an assignment of this Lease if such stock, partnership or other ownership interests are listed on a national securities exchange (as defined in the Securities Exchange Act of 1934, as amended) or is traded in the “over the counter” market with quotations reported by the National Association of Securities Dealers (or any successor thereto); and further provided, that any conversion of the form of entity of Tenant (however accomplished including, by way of example (i) the conversion of Tenant from a corporation to a limited liability company, partnership or trust or (ii) the change of jurisdiction of incorporation or registration) which does not directly or indirectly transfer control of Tenant, reduce the tangible net worth of Tenant or reduce its liability for its obligations under this Lease shall not constitute an assignment of this Lease provided, that the converted entity assumes by written instrument all of Tenant’s obligations under this Lease.

8.11 No assignment or other transfer of this Lease and the term and estate hereby granted, and no subletting of all or any portion of the Demised Premises (in each case whether or not Landlord’s consent is required thereto) shall relieve Tenant of its liability under this Lease or of the obligation to obtain Landlord’s prior consent to any further assignment, other transfer or subletting to the extent such consent is required under the terms of this Lease.

ARTICLE 9

COMPLIANCE WITH LEGAL REQUIREMENTS

9.1 Landlord represents that as of the date hereof, Landlord has received no written notices of any violations of Legal Requirements with respect to the Property. Tenant and Landlord shall give prompt notice to the other of any notice it

receives of the violation of any Legal Requirements in respect of the Property or the use or occupancy thereof. During the term of this Lease, Tenant shall, at Tenant’s sole cost and expense, be responsible for complying with all Legal Requirements applicable to the Demised Premises or related to any alterations, additions or improvements constructed by Tenant within the Demised Premises, and any Hazardous Materials on or about the Property arising out of Tenant’s occupancy of the Demised Premises, except to the extent those Hazardous Materials were introduced by Landlord, its employees, agents and invitees. Landlord shall comply with all Legal Requirements affecting the Property, the structural portions of the Demised Premises, and any Hazardous Materials on or about the Property that were either (i) introduced by Landlord, its employees, agents and invitees, or (ii) introduced prior to the Tenant’s occupancy of the Property. If any public authority or insurance body requires or recommends any additional sprinkler heads or changes to the sprinkler system in or serving the Demised Premises, Landlord shall promptly make and supply such additional sprinkler heads or changes at Landlord’s expense.

ARTICLE 10

INSURANCE

10.1 Tenant shall carry Commercial General Liability insurance written on an occurrence form for the duration of this Lease. Such insurance shall cover the Demised Premises and the Tenant’s contractual obligations as stipulated in this Lease. The Commercial General Liability policy shall reflect the interests of the Landlord as an additional insured.

Such insurance shall be provided in amounts not less than:

Coverage	Limits of Liability
Umbrella Aggregate Limit	$	25,000,000.00
General Aggregate Limit	$	10,000,000.00
Each Occurrence Limit	$	1,000,000.00
Property Damage (including fire)	$	300,000.00
Medical Expenses (any one person)	$	10,000.00

In addition to the Commercial General Liability insurance, Tenant shall also carry the following insurance: (i) business interruption or rent loss insurance; (ii) a policy of commercial auto liability insurance (owned and non-owned/hired) with a limit of $1,000,000.00; (iii) a valid policy of worker’s compensation insurance complying with requirements of applicable laws, in statutory amounts (Tenant shall not elect to be a non-subscriber under such worker’s compensation insurance program), and a policy of employer’s liability coverage in the amount of at least $1,000,000.00 per occurrence; and (iv) insurance covering Tenant’s Property.

The policies should be on a primary and non-contributory basis. Tenant shall provide a Certificate of Insurance to the Landlord evidencing coverages in compliance with the above requirements. In the event of the cancellation, change and/or non-renewal of the coverages certified Tenant shall provide ten (10) days advance written notice to the

Landlord. For the avoidance of doubt, the above liability limits shall be satisfied by the combination of Tenant’s primary liability coverages and any Umbrella Insurance Policy held by Tenant. The parties acknowledge that Tenant’s Commercial General Liability insurance may include a deductible up to the amount of $250,000.00.

10.2 Landlord shall keep the Property, including the improvements, insured against damage and destruction by fire, earthquake, vandalism and other perils in the amount of not less than ninety percent (90%) of the “the replacement cost” of the Property, as such value may be prudently redetermined from time to time. Such insurance shall include extended coverage, agreed amount and other endorsements of the kinds normally required by institutional lenders and that permit insurance proceeds to be used by Landlord for the repair and restoration of the Property. Tenant will not do or suffer to be done anything that will contravene Landlord’s insurance policies or prevent Landlord from procuring such policies in amounts and companies selected by Landlord. If anything done, omitted to be done or suffered to be done by Tenant in, upon or about the Property shall cause the rates of any insurance effected or carried by Landlord on the Property to be increased beyond the regular rate from time to time applicable to the Demised Premises for use for the purpose permitted under this Lease, or such other property for the use or uses made thereof, Tenant will pay the amount of such increase promptly upon Landlord’s demand and Landlord shall have the right to correct any such condition at Tenant’s expense.

10.3. All insurance policies against loss or damage to property and business interruption or rent loss shall be endorsed to provide that any release from liability of, or waiver of claim for recovery from, another person entered into in writing by the insured thereunder prior to any loss or damage shall not affect the validity of such policy or the right of the insured to recover thereunder. Such policies shall also provide that the insurer waives all rights of subrogation that such insurer might have against such other person. Landlord and the Tenant hereby waive all claims for recovery from or against the other for any loss or damage to any of its property or damages as a result of business interruption or rent loss insured under a valid policy to the extent of any recovery collectible under such policies.

ARTICLE 11

ALTERATIONS

11.1 Tenant may from time to time, at its expense and without obtaining the Landlord’s consent to the work or to the contractors or architects performing the work (provided such contractors comply with the provisions of Section 11.2), make such alterations (“Alterations””) to the Demised Premises as Tenant reasonably considers necessary for the conduct of its business in the Demised Premises, provided and upon condition that: (a) the Alterations are non-structural and the structural integrity of the

Demised is not affected, (b) the proper functioning of the mechanical, electrical, sanitary and other service systems of the Demised Premises is not adversely affected, (c) no change in the certificate of occupancy for the Demised Premises will result from the Alterations or be required as a result thereof, and (d) the Alterations (i) have an estimated cost that does not exceed Seven Hundred Fifty Thousand Dollars ($750,000.00) or (ii) do not adversely affect the sprinkler, fire protection or life safety systems in or serving the Demised Premises. In addition, Tenant shall not be required to obtain Landlord’s consent to make changes in the Demised Premises of a decorative nature (including all work relating to painting, wall coverings, floor coverings and the installation or reconfiguration of modular office components and/or non-structural walls). Before proceeding with any Alteration (other than the Alterations described in the first sentence of this Section 11.1 and the decorative work described in the preceding sentence), Tenant shall submit to Landlord for Landlord’s approval (which shall not be unreasonably withheld, conditioned or delayed, and shall be granted or denied within ten (10) Business Days after request and if Landlord fails to respond within such ten (10) Business Day period, Landlord shall be deemed to have approved such Alterations) scaled and dimensioned plans and specifications for the work to be done prepared by a registered architect or licensed professional engineer, and Tenant shall not proceed with such work until it obtains such approval. Tenant shall give Landlord a reasonable description of all other Alterations prior to commencing same. Any review or approval by Landlord of any plans or specifications in respect of any Alterations is solely for Landlord’s benefit and without any representation or warranty to Tenant as to the adequacy, correctness or efficiency thereof or as to the compliance of such plans and specifications with Legal Requirements.

11.2 Tenant, at its expense, shall obtain all necessary governmental permits and certificates for the commencement and prosecution of Alterations and for final approval thereof upon completion, and shall cause Alterations to be performed in compliance therewith and with all applicable Legal Requirements. Landlord shall cooperate promptly, as reasonably requested by Tenant, in obtaining all such permits, certificates and approvals. Alterations shall be performed in a good and workerlike manner, using new materials and equipment at least equal in quality and class to the then standards for the Demised Premises established by Landlord and shall be diligently performed to completion. Alterations shall be performed by contractors, construction managers, subcontractors, architects and/or engineers selected by Tenant, subject to Landlord’s approval, such approval not to be unreasonably withheld, conditioned or delayed. Alterations performed by any of Tenant’s contractors, construction managers, subcontractors architects and/or engineers shall be performed in such a manner as not to violate union contracts affecting the Property, or to create any work stoppage, picketing, labor disruption or dispute or any unreasonable interference with the business of Landlord. In addition, Alterations shall be performed in such a manner as not to otherwise unreasonably interfere with or delay and as not to impose any material additional expense upon Landlord in the construction, maintenance, repair, operation of the Property. Throughout the performance of Alterations, Tenant shall carry, or cause its contractors to carry, workers’ compensation insurance in statutory limits, “Builder’s Risk” insurance reasonably satisfactory to Landlord, and comprehensive general liability insurance, with completed operations endorsement, for any occurrence in or about the Demised Premises, under which Landlord and any Superior Mortgagees whose names

and addresses were furnished to Tenant shall be named as additional insureds, in a coverage amount of not less than $2,000,000, with insurers reasonably satisfactory to Landlord. Tenant shall furnish Landlord with reasonably satisfactory evidence that such insurance is in effect before the commencement of Alterations. Upon completion of any Alterations (other than mere decorations) Tenant shall deliver to Landlord “as-built” plans for such Alteration in diskette or other electronic format.

11.3 Tenant, at its expense, shall promptly procure the cancellation or discharge of all notices of violation arising from or otherwise resulting from Alterations to the Demised Premises, or any other work, labor, services or materials done for or supplied to Tenant (other than those supplied or performed by Landlord) or any person claiming through or under Tenant which are issued by the Department of Buildings or any other public authority having or asserting jurisdiction. Tenant shall indemnify Landlord against liability in connection with any and all mechanics’ and other liens and encumbrances filed in connection with Alterations, or any other work, labor, services or materials done for or supplied to Tenant or any person claiming through or under Tenant (other than those supplied or performed by Landlord), including security interests in any materials, fixtures or articles so installed in the Demised Premises. Tenant, at its expense, shall procure the satisfaction or discharge of record of all such liens and encumbrances within sixty (60) days after the Tenant receives actual notice of the filing thereof. If Tenant shall fail to cause such lien to be discharged of record within the period aforesaid, then, in addition to any other right or remedy, Landlord may, but shall not be obligated to, discharge the same of record as aforesaid in any manner permitted by law.

11.4 Prior to the execution of this Lease, Landlord and Tenant have jointly inspected the Demised Premises and reviewed a certain building repair reports dated January 13, 2015 and January 17, 2015 (collectively, the “Required Work Report”) prepared by qualified third party professionals. Landlord and Tenant hereby acknowledge and agree that certain repairs and/or replacements must be made to remedy certain defective conditions in the Demised Premises, such repairs and replacements are more fully described on Exhibit C-1 attached hereto (the “Required Work”). A description of the Required Work Reports are attached as Exhibit C-2.

A. Tenant shall, at Tenant’s sole cost and expense (subject to Landlord’s reimbursement obligation below), have the one-time obligation to make or cause to be made all repairs and replacements required in connection with the Required Work. The Tenant shall use commercially reasonable efforts to complete the Required Work on or before December 31, 2015; provided, however, if the Required Work is not completed by such date Tenant will cause the Required Work to be completed no later than April 30, 2016, subject to any (i) Force Majeure Events (as hereinafter defined) or (ii) days of delay caused by any acts or omissions of Landlord. The parties acknowledge and agree that after the completion of the Required Work during the remainder of the term of the Lease, Tenant shall, at Tenant’s cost and expense, maintain in good order and repair the Demised Premises in accordance with the terms of this Lease. Tenant shall promptly commence such Required Work and shall proceed with such Required Work with due diligence until completion in such a manner as not to cause the Demised Premises to be

in non-compliance with any Legal Requirements. Landlord shall cooperate with Tenant in the procurement of any permits, licenses or approvals from any governmental authority required in connection with such Required Work.

B. Tenant shall use such contractors which are reasonably acceptable to Landlord for the performance of the Work. Upon (i) Landlord’s reasonable determination that the Required Work has been substantially completed, (ii) submission of written unconditional lien waivers from all contractors or subcontractors performing any of the Required Work together with copies of the invoices marked paid relating to such Required Work or in lieu thereof, a signed affidavit by an officer of Tenant stating that all Required Work has been paid for, (iii) the assignment to Landlord of any warranty or guaranty documentation for any portion of the Required Work relating to the Demised Premises and (iv) all building department sign-offs, approvals and inspection certificates and any permits required to be issued by the building department or any other governmental entities having jurisdiction thereover, if necessary, Landlord shall reimburse and pay to Tenant all costs and expenses for or in connection with the Required Work in an amount equal to fifty (50%) percent of the actual documented costs and expenses incurred in connection with the Required Work; provided, however, in no event shall the Landlord’s payment obligation in connection with the Required Work exceed Five Hundred Thousand Dollars ($500,000) (the “Landlord Payment”). Such Landlord Payment shall be made within fifteen (15) days of Landlord’s receipt of documentation satisfying all the requirements of this subparagraph (B)(i) to (iv). Notwithstanding the foregoing provisions, if Tenant is materially delayed in obtaining requirements (iii) or (iv) with respect to any portion of the Required Work, notwithstanding that the assignment of the warranty or guaranty has been requested or all necessary submissions have been made to the governmental entity and with respect to clause (iv) the only pending item is the administrative act required of the governmental entity, then Landlord shall reimburse and pay for that portion of the costs of the Required Work for which (i) to (iv) have been satisfied, and shall reimburse and pay for the remaining cost once the requirement for the remaining Required Work have been satisfied.

C. Tenant, at its expense, shall carry, or cause its contractors to carry, (x) workers’ compensation insurance in statutory limits, (y) commercial general liability insurance (with completed operations endorsement) for any occurrence in or about the Demised Premises with coverage of not less than $2,000,000 for each occurrence and (z) builder’s all risk insurance (on a completed value basis), in such limits as Landlord may reasonably require, with insurers reasonably satisfactory to Landlord. The commercial general liability insurance referred to in this subparagraph shall name as additional insureds, and the builder’s all risk insurance referred to in this subparagraph shall name as loss payees, as their interest may appear, Landlord and any Superior Mortgagee. At or before the commencement of the Required Work and, on request, at reasonable intervals thereafter during the continuance of the Required Work, Tenant shall furnish Landlord with certificates of insurance evidencing that such insurance is in effect.

D. In connection with the Required Work, if any mechanic’s, laborer’s or materialman’s lien at any time shall be filed against the Demised Premises or any part

thereof or any interest therein as a result of any act or omission of Tenant or its respective officers, employees, agents, suppliers, materialmen, mechanics, contractors, subcontractors or sub-subcontractors, or, if any public improvement lien created or caused to be created by Tenant shall be filed against any assets of, or funds appropriated to, Landlord, then Tenant, within sixty (60) days after actual notice of the filing thereof, shall cause the same to be discharged of record in accordance with Section 11.3.

ARTICLE 12

LANDLORD’S AND TENANT’S PROPERTY;
REMOVAL AT END OF TERM

12.1 All leasehold fixtures, equipment, improvements and appurtenances, including utility lines and equipment, attached to or built into the Demised Premises before or after the Commencement Date, whether by or at the expense of Landlord or Tenant, shall be and remain a part of the Demised Premises, shall be deemed the property of Landlord and shall not be removed by Tenant except as provided in Section 12.2.

12.2 Notwithstanding anything to the contrary contained in this Lease, all movable partitions, business and trade fixtures, machinery and equipment, communications equipment and office and warehouse equipment, whether or not attached to or built into the Demised Premises, which are, or were, installed in the Demised Premises by Tenant and which can be removed without structural damage to the Demised Premises, and all furniture, furnishings and other articles of movable personal property owned by Tenant and located in the Demised Premises and all of Landlord’s Personal Property (collectively, “Tenant’s Property”) shall be and shall remain the property of Tenant and may be removed by Tenant at any time during the Term, provided that if any of Tenant’s Property is installed or removed, Tenant shall repair or pay the cost of repairing any damage to the Demised Premises resulting from the installation and/or removal thereof, other than repainting and purely decorative repairs. At or before the Expiration Date, or within 15 days after an earlier termination date, Tenant, at its expense, shall remove from the Demised Premises all Tenant’s Property and leave the Demised Premises in broom clean condition, normal wear and tear, damage or destruction by fire and other casualty and such other damage as Landlord is required to repair, maintain or restore under Section 13.2 or under any other provision under this Lease excepted). Tenant shall repair any damage to the Demised Premises resulting from any installation and/or removal of Tenant’s Property. Any other items of Tenant’s Property which remain in the Demised Premises after the Expiration Date, or after 15 days following an earlier termination, may, at the option of Landlord, be deemed to have been abandoned, and in such case such items may be retained by Landlord as its property or disposed of by Landlord at the reasonable expense of Tenant. Notwithstanding the above, the Landlord and Tenant may agree in writing prior to the Expiration Date to those items of Tenant’s Property which Landlord will allow to remain in the Demised Premises after the expiration of this Lease.

12.3 At the time of Landlord’s approval of plans and specifications for any Alterations that require Landlord’s approval hereunder, Landlord may include in its approval a requirement that any Alterations shall, at Landlord’s option, be removed from the Demised Premises by the Tenant at the end of the Term and the applicable portion(s) of the Demised Premises shall be restored to the condition in which they were delivered to Tenant on the Commencement Date (subject to normal wear and tear damage or destruction by fire and other casualty). If Landlord notifies Tenant at the time of Landlord’s approval of plans and specifications that any Alterations are to be removed, Tenant shall remove such Alterations not later than such scheduled Expiration Date or within fifteen (15) days after the date of sooner termination (unless the Tenant, acting with reasonable promptness, is not able to so remove the same prior to the required date, in which event the same shall be so removed by the Tenant with reasonable promptness). The reasonable cost and expense of any such removal (including removal by Landlord upon Tenant’s failure to do so as provided herein) and the cost of repairing any damage to the Demised Premises arising from such removal, shall be paid by Tenant to Landlord within thirty (30) days after demand (and such obligation shall survive the expiration or earlier termination of this Lease). All Alterations other than those specifically required to be removed pursuant to this Article may remain in the Demised Premises upon the expiration or earlier termination of this Lease. For the avoidance of doubt, any alteration or improvement resulting from the Required Work shall not be required to be removed upon the expiration or earlier termination of this Lease. The provisions of this Section 12.3 shall survive the scheduled Expiration Date or sooner termination of this Lease.

ARTICLE 13

REPAIRS AND MAINTENANCE

13.1 Tenant shall, at its sole cost and expense, maintain and repair, and keep in good repair and operating condition, the Demised Premises, landscaping, the fixtures and appurtenances therein and any Tenant’s Property (except to the extent the need for same results from the gross negligence or willful misconduct of Landlord, its agents, contractors, servants, invitees or employees). Tenant shall be responsible for and shall promptly make all interior and exterior repairs in and to the Demised Premises the need for which arises out of (a) Alterations or other work by Tenant (except to the extent the need for same results from the gross negligence or willful misconduct of Landlord, its agents, contractors, servants, invitees or employees), (b) the installation, use or operation of Tenant’s Property, (c) the moving of Tenant’s Property in or out of the Demised Premises, (d) Tenant’s use of the Demised Premises (other than those repairs which are the responsibility of Landlord pursuant to Section 13.2 hereunder) or (e) the act, omission, misuse or neglect of or by Tenant or any subtenant or licensee, or their respective employees, agents, contractors or invitees. All repairs made by Tenant under this Section 13.1 shall be diligently and continually performed to completion. If Tenant fails to perform any repairs for which Tenant is responsible after expiration of the notice period and expiration of the cure period provided for in Section 22.2(b) (or such shorter time as necessary in the case of an emergency), then Landlord may, at Landlord’s option, perform such repair at Tenant’s expense. Tenant shall be responsible for the replacement /changing of light bulbs in the Demised Premises and as it relates to the parking lot

lighting structures, but Tenant shall have no obligation to otherwise maintain the parking lot or parking lot lighting structures. Tenant represents that the parking lot was sealed and striped on or about April of 2015. Tenant has no expectation the parking lot will need to be further sealed or striped during the Term. Tenant shall have no further obligation to seal or stripe the parking lot at any time during the Term. For the avoidance of doubt, Tenant shall have no obligation to make a repair under this Section 13.1 if the particular improvement to be repaired (which includes, but is not limited to building systems such as mechanical, electrical, sanitary systems, plumbing, elevators, roof, HVAC, fire and sprinkler systems) is beyond its actual useful life at the time of the need for repair. In the event of a dispute between the parties as to the actual useful life of the particular improvement or system to be repaired, the parties will engage a mutually agreeable expert to provide an opinion on whether the particular improvement or system has reached the end of its useful life and must be replaced. The parties agree to a 50/50 split of the cost of the expert opinion.

13.2 Landlord shall, at its sole cost and expense, make all necessary repairs and replacements to keep in good repair and serviceable condition the structural elements of the roof, foundation and walls of the Demised Premises (except to the extent the need for same results from the gross negligence or willful misconduct of Tenant, its agents, contractors, servants, invitees or employees). Landlord will also be responsible for replacing, if necessary (not repairing, which is the Tenant’s responsibility), the landscaping. Landlord will also be responsible for replacing the systems servicing the Demised Premises, including, without limitation, mechanical, electrical, sanitary systems, all walkways, elevators, the parking lot (including sealing and striping) and related lighting structures, roof, HVAC, fire and sprinkler systems. All repairs and replacements made by Landlord under this Section 13.2 shall be diligently and continually performed to completion, and shall be undertaken in a manner reasonably intended to minimize interference with Tenant’s business operations in the Demised Premises (provided Landlord shall not be required to perform repairs on an overtime or premium pay basis, unless an emergency exists, in which case Landlord shall perform such repairs on an overtime or premium pay basis). If Landlord fails to perform any repairs or replacements for which Landlord is responsible after expiration of the notice period and expiration of the cure period provided for in Section 22.2(b) (or such shorter time as necessary in the case of an emergency), then Tenant may, at Tenant’s option, perform such repair or replacement at Landlord’s expense. For the avoidance of doubt, Landlord shall have no obligation to replace or maintain any backup generators.

13.3 If, for any reason other than a casualty, condemnation or default by Tenant of its obligations to be observed or performed under this Lease, Landlord fails to furnish any of the services, utilities, maintenance, repairs, replacements or access which Landlord is required to furnish pursuant to the terms of this Lease, and as a result of such failure by Landlord, all or a material portion of the Demised Premises shall be rendered untenantable or inaccessible and Tenant shall cease the conduct of Tenant’s business in all or a portion of the Demised Premises as a result thereof (an “Untenantability Condition”), and such Untenantability Condition shall continue for three (3) consecutive Business Days after notice from Tenant to Landlord (or, in the case of an Untenantability Condition caused by Force Majeure Events, such Untenantability

Condition shall continue for a period of twenty-one (21) consecutive Business Days after notice from Tenant to Landlord), then Fixed Rent and Additional Charges shall abate solely with respect to the portion or portions of the Demised Premises subject to such Untenantability Condition from the day after such three (3) consecutive Business Days (or twenty-one (21) Business Days in case of Force Majeure Events) until such space is no longer subject to such Untenantability Condition. In the event that an Untenantability Condition continues with respect to a material portion of the Demised Premises for ninety (90) consecutive days, then Tenant shall have the right to terminate this Lease within ten (10) days following such ninety (90) day period; provided, however, if Landlord has cured such Untenantability Condition prior to receipt of notice from Tenant of its election to terminate this Lease as provided for in this paragraph, Tenant shall no longer have the right to terminate this Lease as a result of such Untenantability Condition. The rights granted to Tenant under this Section 13.3 shall be Tenant’s exclusive remedy with respect to an Untenantability Condition.

13.4 Except as otherwise expressly provided in this Lease, Landlord shall have no liability to Tenant, nor shall Tenant’s obligations under this Lease be reduced or abated in any manner, by reason of any inconvenience, annoyance, interruption or injury to Tenant’s business arising from Landlord’s making any repairs or changes which Landlord is required or permitted to make (provided the same are made in accordance with the applicable provisions of this Lease, including, without limitation, the obligation to undertake repairs and replacements in a manner reasonably intended to minimize interference with Tenant’s business operations in the Demised Premises (provided Landlord shall not be required to perform repairs on an overtime or premium pay basis unless an emergency exists, in which case Landlord shall perform such repairs on an overtime or premium pay basis)).

13.5 Tenant shall, within thirty (30) days after the Commencement Date, contract for a heating, ventilation and air conditioning maintenance program which shall provide periodic (but not more than one (1) time per year) inspection and maintenance of the equipment. Such inspection and maintenance shall include, but not be limited to, filter changes, check and/or replacement electrical inspection, coil cleaning and drainage and testing of limit controls.

ARTICLE 14

ELECTRIC ENERGY

14.1 Subject to the terms of the Lease, Landlord shall furnish to the Demised Premises electricity for Tenant’s reasonable use and such lighting, electrical appliances, general office computers, fax machines, photocopiers and other machines and equipment as are reasonably incidental thereto, or as Landlord shall otherwise permit to be installed in the Demised Premises, through the feeders, wiring installations and facilities heretofore installed in the Demised Premises. Landlord agrees that it will not discontinue the furnishing of electric current to the Demised Premises in the manner

provided herein unless required to do so by a Legal Requirement or as allowed under Section 16.4.

ARTICLE 15

HEAT, VENTILATION AND AIR CONDITIONING

15.1 Landlord shall, subject to energy conservation requirements of governmental authorities, supply heat, air conditioning and ventilation to all portions of the Demised Premises which are served by the air conditioning and ventilation systems.

ARTICLE 16

OTHER SERVICES, SERVICE INTERRUPTION

16.1 Tenant shall contract for the supplying of and shall pay directly to all utility services for all services and charges for gas, electricity, light, heat, air conditioning, power and telephone or other communication services used, rendered or supplied upon or in connection with its use of the Demised Premises (collectively referred to as “Utility Expenses”). In the event that Landlord is required to pay for any Utility Expenses, which is the responsibility of Tenant under this Lease, Landlord may bill tenant for the Utility Expenses as Additional Charges.

16.2 Landlord shall furnish adequate hot and cold water to the Demised Premises for drinking, lavatory, customary pantry, and normal cleaning purposes.

16.3 Tenant shall, at its sole cost and expense, cause the Demised Premises, including the windows to be cleaned. Landlord shall not be required to clean any portions of the Demised Premises. Tenant shall contract for the supplying of and shall pay directly all services relating to garbage and snow removal from the Demised Premises.

16.4 Subject to Section 13.3, Landlord shall have the right, without affecting Tenant’s obligations under this Lease except to the extent set forth in Section 13.3, to temporarily stop or interrupt or reduce service of any of the heating, ventilating, air conditioning, electric, sanitary, elevator, sprinkler, water or other building systems, or to temporarily stop or interrupt or reduce any other services required of Landlord under this Lease, whenever and for so long as may be necessary, by reason of (a) Force Majeure Events or (b) the making of repairs, additions, changes or replacements which Landlord is required or permitted to make or in good faith deems necessary; except in the event of emergency, Landlord agrees to exercise its rights under this Section 16.4 only after reasonable advance notice to Tenant. In any event, Landlord shall use commercially reasonable efforts to exercise such rights at times and in a manner so as to minimize interference with Tenant’s business operations in the Demised Premises, and shall use commercially reasonable efforts to restore such services as soon as possible.

16.5 Tenant, at its sole expense, shall provide security services for the Demised Premises that are consistent with past practices.

ARTICLE 17

ACCESS, NOTICE OF OCCURRENCES, WINDOWS,
NAME OF BUILDING AND NO DEDICATION

17.1 Landlord and its agents shall have the right to enter and/or pass through and/or be on the Demised Premises at any reasonable time or times during business hours, upon reasonable prior notice to Tenant, to examine the Demised Premises and to show it to actual or prospective Superior Mortgagees or prospective purchasers of the Property, or prospective tenants during the last six (6) months of the term hereof. Subject to Section 13.3, Landlord, its agents and contractors, and their respective employees (a) shall have the right to enter and/or pass through and/or be on the Demised Premises and, upon notice to Tenant (except in the case of an emergency) and subject to Tenant’s right to request a reasonable delay before Landlord’s entry in order to take such measures as may be reasonably necessary to protect any confidential materials located in the Demised Premises, to make such repairs, alterations and improvements in or to the Demised Premises as Landlord is required or desires to make, and except that any of the foregoing shall not diminish the useable square footage of the Demised Premises or with respect to access thereto) and (b) shall have the right to use, without charge therefor, reasonable amounts of light, power and water in the Demised Premises while making repairs or alterations to the Demised Premises. Landlord shall have the right, in a manner so as not to interfere with Tenant’s operations in the Demised Premises, to take all materials into and on the Demised Premises that may be reasonably required in connection therewith and such acts shall not be deemed an actual or constructive eviction and shall have no effect upon Tenant’s obligations under this Lease.

17.2 If at any time any windows of the Demised Premises are temporarily darkened or obstructed by reason of any repairs, improvements, and/or maintenance in or about the Demised Premises, or are permanently darkened or obstructed due to Legal Requirements, or customary access to the Demised Premises is temporarily or permanently closed or inoperable, any such occurrence shall not be deemed an actual or constructive eviction and shall have no effect upon Tenant’s obligations under this Lease. Notwithstanding the foregoing, (a) Landlord shall not temporarily darken or obstruct any windows of the Demised Premises unless and only for so long as is reasonably necessary for such repairs, improvements, and/or maintenance and (b) Landlord shall not permanently darken or obstruct any windows of the Demised Premises unless required by Legal Requirements.

17.3 Tenant shall give prompt notice to Landlord of any of the following of which Tenant obtains actual knowledge: (a) any occurrence in or about the Demised Premises for which Landlord is reasonably likely to be liable, (b) any fire or other casualty in the Demised Premises, (c) any damage to or defect in the Demised Premises, including the fixtures, equipment and appurtenances thereof, for the repair of which Landlord is reasonably likely to be responsible, and (d) any damage to or defect in

any part of the Property’s sanitary, electrical, sprinkler, heating, ventilating, air conditioning, plumbing, elevator or other systems in or passing through the Demised Premises.

17.4 Prior to any entry by Landlord or anyone claiming by or through Landlord into the Demised Premises, (except for emergency situations), Landlord shall give reasonable advance notice thereof to Tenant (which may be by email or fax), and Tenant shall have the right to have a representative accompany Landlord’s personnel during the course of any such entry to the extent such a representative is reasonably available. Only in case of emergency, if Tenant is not present when for any reason entry into the Demised Premises by Landlord or Landlord’s agents is necessary or permissible under this Lease, Landlord or Landlord’s agents may enter same by a master key, or (in case of emergency only) may forcibly enter same, without rendering Landlord or such agents liable therefor (provided that during such entry Landlord or such agents accord reasonable security and care to the Demised Premises and to Tenant’s Property and promptly repair any damage to the Demised Premises or to Tenant’s Property caused thereby), and such entry shall not be deemed an actual or constructive eviction and shall have no effect upon Tenant’s obligations under this Lease.

17.5 In exercising its rights under this Article 17, Landlord shall use reasonable efforts under the circumstances to avoid undue disruption of Tenant’s business. However, Landlord shall not be required to do work in and about Demised Premises during non-business hours except for work of a type which is customarily done during non-business hours in buildings in Albany, New York. Except as set forth in the previous sentence, Landlord shall not be required to perform repairs on an overtime or premium pay basis, unless an emergency exists, in which case Landlord shall perform such repairs on an overtime or premium pay basis.

17.6 Tenant shall have access to the Demised Premises 24 hours a day 7 days a week.

ARTICLE 18

NON-LIABILITY AND INDEMNIFICATION

18.1 Landlord shall not be liable to Tenant for any loss, injury or damage to Tenant or to any other person, or to its or their property, irrespective of the cause of such injury, damage or loss, unless caused by or resulting from the negligence, willful misconduct or breach of this Lease by Landlord its respective agents, contractors, invitees or employees.

18.2 Tenant shall indemnify Landlord against liability in connection with (a) the conduct or management of the Demised Premises or of any business therein, or any work or thing done or any condition created by or on behalf of Tenant (other than by Landlord, Superior Mortgagee or their respective agents, contractors, invitees or employees) in or about the Demised Premises during the Term, including, without limitation, the performance of any Alterations by or on behalf of Tenant, (b) any act,

omission, negligence or willful misconduct of Tenant or any subtenant or licensee or their respective employees, agents, contractors or invitees, (c) any accident, injury or damage (except to the extent caused by the negligence or willful misconduct of Landlord, Superior Mortgagee or their respective agents, contractors, invitees or employees) occurring in, at or upon the Demised Premises, (d) the failure of Tenant or any subtenant or licensee or their respective employees, agents, contractors or invitees to comply with those Legal Requirements which are to be complied with by Tenant pursuant to the terms of this Lease, or (e) any other breach or default by Tenant under this Lease. Such indemnity shall not include an indemnity against consequential or special damages. The provisions of this Section 18.2 shall survive the expiration or earlier termination of this Lease.

18.3 Landlord shall indemnify Tenant against liability in connection with (a) any work or thing done, or any condition created, by Landlord or its agents, contractors, invitees or employees in or about the Property during the Term (except to the extent caused by the negligence or willful misconduct of Tenant or Tenant’s agents, contractors or employees), (b) any negligence or willful misconduct of Landlord or its employees, agents, contractors or invitees, (c) the failure of Landlord or its employees, agents, contractors or invitees to comply with those Legal Requirements which are to be complied with by Landlord pursuant to the terms of this Lease, or (d) any other breach or default by Landlord under this Lease. Such indemnity shall not include an indemnity against consequential or special damages. The provisions of this Section 18.3 shall survive the expiration or earlier termination of this Lease.

18.4 If any claim, action or proceeding is made or brought against a party indemnified under Sections 18.2 or 18.3 hereof (“Indemnitee”), then upon demand by Indemnitee, the indemnifying party (“Indemnitor”), at Indemnitor’s sole cost and expense, shall resist or defend such claim, action or proceeding in Indemnitee’s name, if necessary, by the attorneys for Indemnitor’s insurance carrier (if such claim, action or proceeding is covered by insurance), or otherwise by such attorneys as Indemnitee shall approve, which approval shall not be unreasonably withheld, conditioned or delayed, and Indemnitee shall cooperate, at no cost to itself unless reimbursed by Indemnitor, with Indemnitor’s counsel or such insurance carrier, in the defense of such claim. Indemnitee shall not enter into any settlement of any such claim without the prior written consent of Indemnitor (not to be unreasonably withheld, conditioned or delayed), and Indemnitor shall not do so except on prior notice to Indemnitee. Indemnitee shall notify Indemnitor promptly of any claim, action or proceeding made or brought against Indemnitee as to which indemnification may be sought hereunder. If Indemnitee shall fail to timely notify Indemnitor of a claim and, as a result of such failure, Indemnitor’s insurance coverage is prejudiced, or Indemnitor is otherwise materially prejudiced in the defense of such claim, Indemnitor shall be released from its obligation to indemnify Indemnitee, but only to the extent of such prejudice.

18.5 The words “Tenant indemnifies Landlord against liability,” “Tenant shall indemnify Landlord against liability,” “Landlord indemnifies Tenant against liability” or “Landlord shall indemnify Tenant against liability” and words of similar import shall mean that the indemnifying party agrees to indemnify, hold and save

harmless the indemnified party and their respective partners, directors, officers, agents and employees from and against all loss, cost, liability, claim, damage, fine, penalty and expense, including reasonable attorneys’ fees and disbursements (whether incurred in resisting and defending any action or proceeding or incurred in enforcing the indemnification rights of the indemnified party against the indemnifying party). The indemnifying party shall pay to the indemnified party upon rendition of bills or statements therefor, an amount equal to all losses, costs, liabilities, claims, damages, fines, penalties and expenses (i) incurred by the indemnified party or any other indemnified person and (ii) for which the indemnifying party has indemnified the indemnified party or any other indemnified person. Nothing herein contained shall be deemed to require any party to indemnify any other party against its own negligence or willful misconduct, or against any consequential or special damages.

ARTICLE 19

DAMAGE OR DESTRUCTION

19.1 If the Property or the Demised Premises is partially or totally damaged or destroyed by fire or other casualty (and this Lease is not terminated as provided in this Article), Landlord shall (at no cost to Tenant) repair the damage and restore and rebuild the Property or the Demised Premises, as the case may be, in a good and workmanlike manner using materials generally of a quality at least equal to those that existed previously, promptly and with reasonable diligence after notice to it of the damage or destruction.

19.2 If all or part of the Demised Premises is damaged or destroyed or rendered completely or partially untenantable or not reasonably accessible by fire or other casualty, Fixed Rent and any Additional Charges payable under this Lease shall be reduced in the proportion that the untenantable area of the Demised Premises bears to the total rentable square feet of the Demised Premises for the period from the date of the damage or destruction to (a) thirty (30) days after the date on which Landlord gives Tenant notice that the damage is substantially repaired and tenantable possession of and reasonable access to the Demised Premises is tendered to Tenant; provided, however, should Tenant reoccupy a portion of the Demised Premises during the period in which repair work is taking place and prior to the date the Demised Premises is substantially repaired or made tenantable, Fixed Rent and any Additional Charges payable under this Lease allocable to such reoccupied portion, based upon the proportion which area of the reoccupied portion of the Demised Premises bears to the total rentable square feet of the Premises, shall be payable by Tenant from the date of such occupancy.

19.3 If the Demised Premises is materially damaged or destroyed by fire or other casualty, or if the Demised Premises is so damaged or destroyed by fire or other casualty that its repair or restoration requires the expenditure (as estimated by a licensed, reputable independent third-party contractor or architect designated by Landlord) of more than 90% of the full insurable value of the Demised Premises immediately prior to the fire or other casualty or if commercially reasonable access to the Demised Premises is not possible (each a “Substantial Casualty”), then in either such case either Landlord or

Tenant may terminate this Lease by giving the other party notice to such effect within sixty (60) days after the date of the fire or other casualty and Fixed Rent and any Additional Charges payable under this Lease shall be abated as of the date of such damage or destruction.

19.4 If a Substantial Casualty shall occur and neither Landlord nor Tenant elect to terminate this Lease under Section 19.3 hereof, Landlord shall restore the Demised Premises (or portion thereof) as set forth in Section 19.1 within one-hundred eighty (180) days from the commencement of substantial repairs or reconstruction of the Demised Premises, but not longer than two hundred twenty-five (225) days from the date of the Substantial Casualty to rebuild the Demised Premises to approximately the same condition as they were in at the Commencement Date. Such restoration under this Section 19.4 shall be diligently and continually performed to completion by Landlord. If the Demised Premises (or portion thereof) is not substantially completed within the time period set forth in the preceding sentence, then Tenant shall have the right to terminate this Lease upon notice to Landlord effective as of the tenth (10th) Business Day following Tenant’s termination notice, provided the restoration has not been substantially completed by such tenth (10th) Business Day.

19.5 Landlord shall use reasonable efforts to make such repair or restoration in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises, but Landlord shall not be required to do such repair or restoration work at times other than during business hours.

19.6 Landlord will not carry insurance of any kind on Tenant’s Property and shall not be obligated to repair any damage to or replace Tenant’s Property unless such damage was caused by the gross negligence or willful misconduct of Landlord or its agents, contractors, invitees or employees.

19.7 The provisions of this Article shall be deemed an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any successor or other law of like import, now or hereafter in force, shall have no application in such case and are hereby waived by the parties hereto.

19.8 Landlord is not required to restore the Demised Premises in the following circumstances: (i) the Superior Mortgagee has elected not to permit the insurance proceeds to be used for repair; (ii) the damage occurred in the last one hundred eighty (180) days of the Term; (iii) an Event of Default has occurred and is continuing; (iv) Tenant has vacated or abandoned the Demised Premises prior to the date of the Substantial Casualty; or (v) an insurance payout pursuant to the coverage required by the Lease is not sufficient to cover the cost to restore the Demised Premises.

ARTICLE 20

EMINENT DOMAIN

20.1 Except as otherwise provided in Section 20.5, if all or substantially all of the Demised Premises is taken by condemnation or in any other manner for any public or quasi-public use or purpose, this Lease shall terminate as of the date of vesting of title on such taking (“Date of Taking”), and Fixed Rent and any Additional charges payable under this Lease shall be abated as of such date.

20.2 Except as otherwise provided in Section 20.5, if 25% or more of the Demised Premises is so taken and the remaining area of the Demised Premises is not reasonably sufficient for Tenant to continue feasible operation of its business, Tenant may terminate this Lease by giving Landlord notice to that effect within sixty (60) days after the Date of Taking. This Lease shall terminate on the date that such notice from Tenant to Landlord shall be given, and Fixed Rent and Additional Charges shall be abated as of such termination. Upon such partial taking and this Lease continuing in force as to any part of the Demised Premises, each of Fixed Rent shall be equitably adjusted according to the rentable area remaining.

20.3 Except as otherwise provided in Section 20.5, Landlord shall be entitled to make the application and receive the award or payment in connection with any taking. However, Landlord agrees to include in the award application those items requested from Tenant including but not limited to Tenant’s moving expenses, Tenant’s Property, unamortized leasehold and capital improvements paid for by Tenant and the value of Tenant’s leasehold estate. A portion of the award shall be allocated to Tenant’s requested items and will be paid by Landlord to Tenant promptly following receipt of the award.

20.4 Except as otherwise provided in Section 20.5, in the event of any taking of less than the whole of the Property which does not result in termination of this Lease, Landlord, whether or not any award or awards shall be sufficient for the purpose, shall proceed with reasonable diligence to repair the remaining parts of the Property in a good and workerlike manner to substantially their former condition to the extent that same is feasible (subject to reasonable changes which Landlord deems desirable, provided that materials generally are of a quality at least generally equal to that which existed previously) and so as to constitute the Property complete and tenantable.

20.5 If the temporary use or occupancy of all or any part of the Demised Premises is taken by condemnation or in any other manner for any public or quasi-public use or purpose, this Lease and the Term shall remain unaffected by such taking and Tenant shall continue to be responsible for all of its obligations under this Lease (except to the extent prevented from so doing by reason of such taking). In such event Tenant shall be entitled to claim, prove and receive the entire award for such taking unless the period of temporary use or occupancy extends beyond the Expiration Date, in which event Landlord shall be entitled to claim, prove and receive that portion of the award attributable to the restoration of the Demised Premises and the balance of such award

shall be apportioned between Landlord and Tenant as of the Expiration Date. Notwithstanding any provision of this Article 20 to the contrary, a temporary taking of more than one hundred eighty (180) days shall be deemed a permanent taking for the purposes hereof.

ARTICLE 21

SURRENDER AND HOLDING OVER

21.1 On the Expiration Date or on any earlier termination of this Lease or on any lawful reentry by Landlord on the Demised Premises, Tenant shall quit and surrender the Demised Premises to Landlord in good order, condition and repair, except for ordinary wear and tear, damage or destruction by fire and other casualty and such other damage as Landlord is required to repair, maintain or restore under Section 13.2 or under any other provision under this Lease, and Tenant shall remove all Tenant’s Property therefrom except as otherwise expressly provided in this Lease and Tenant shall comply in all respects with Section 12.3 of this Lease. No act or thing done by Landlord or its agents or employees shall be deemed an acceptance of a surrender of this Lease or the Demised Premises, and no agreement to accept such surrender shall be valid unless in writing and signed by Landlord.

21.2 If Tenant remains in possession of the Demised Premises after the termination of this Lease without the execution of a new lease, Tenant, at the option of Landlord, shall be deemed to be occupying the Demised Premises as a Tenant from month to month, subject to all of the other terms and conditions of this Lease insofar as the same are applicable to a month-to-month tenancy, but at a monthly rental equal to the monthly Fixed Rent last payable by Tenant hereunder for four (4) months following expiration of this Lease, and then at a monthly rental equal to 140% of the monthly Fixed Rent last payable by Tenant hereunder. In addition, Tenant will indemnify, and hold Landlord harmless from all loss, damage or expense that Landlord may suffer or incur, including, without limitation, as a result of claims by third parties resulting from Landlord’s inability to give possession of the Demised Premises to another tenant or to any owner in fee of the Property resulting from such holding over by Tenant. Nothing contained in this Section shall (i) imply any right of Tenant to remain in the Demised Premises after the termination of this Lease without the execution of a new lease, (ii) imply any obligation of Landlord to grant a new lease or (iii) be construed to limit any right or remedy that Landlord has against Tenant as a holdover tenant or trespasser.

ARTICLE 22

DEFAULT

22.1 The following are events of default (“Events of Default”) under this Lease:

(a) Tenant makes an assignment for the benefit of creditors;

(b) Tenant files a voluntary petition under the bankruptcy laws, or an involuntary petition alleging an act of bankruptcy or insolvency is filed against Tenant under any bankruptcy laws if such event occurs without the acquiescence of Tenant and is not dismissed within sixty (60) days of filing;

(d) Tenant defaults in the payment of any Fixed Rent or any Additional Charges for thirty (30) days after notice from Landlord of such nonpayment; or

(e) Tenant, whether by action or inaction, is in default of any of its obligations under this Lease (other than a default in the payment of Fixed Rent or Additional Charges) and such default continues and is not remedied within thirty (30) days after Landlord gives to Tenant a notice specifying the same, or, in the case of a default which with due diligence cannot reasonably be cured within a period of thirty (30) days and the continuance of which for the period required for cure will not (i) subject Landlord or any Superior Mortgagee to prosecution for a crime or (ii) result in a default under any Superior Mortgage, if Tenant does not, (x) within said 30-day period advise Landlord of Tenant’s intention to take all steps necessary to remedy such default, (y) duly commence within said 30-day period and thereafter diligently prosecute to completion all steps necessary to remedy the default, and (z) complete such remedy within a reasonable time after the date of said notice from Landlord, but in no event later than one hundred and eighty (180) days following the date of said notice, or

(f) if any event occurs or any contingency arises whereby this Lease, by operation of law or otherwise, devolves upon or passes to any person other than Tenant, except as expressly permitted by Article 8.

Upon the occurrence of an Event of Default, Landlord may give to Tenant a notice of intention to terminate this Lease at the expiration of thirty (30) days from the date of the service of such notice of intention, and upon the expiration of said thirty (30) day period this Lease shall terminate with the same effect as if that day were the Expiration Date, but Tenant shall remain liable for damages as provided in Article 24.

22.2 Notwithstanding anything to the contrary in this Lease, no notice of default given by Landlord to Tenant hereunder shall be effective unless the notice contains the words “DEFAULT NOTICE” in capitalized, bolded letters on the first page of such notice; provided, however, Landlord’s failure to comply with this Section 22.2 shall in no way be or be deemed to be a waiver of such default or of any of Landlord’s rights and remedies hereunder.

22.3 In the event that Tenant exercises any provision in this Lease that grants Tenant the right to terminate this Lease with respect to a portion of the Demised Premises, or Tenant assigns this Lease with respect to a portion of the Demised Premises in accordance with the terms of this Lease, then this Lease shall be deemed to be in full

force and effect with respect to the remaining portions of the Demised Premises, provided (a) that Tenant is otherwise in compliance with the terms of this Lease and (b) that Fixed Rent and Additional Charges shall be appropriately pro rated to reflect the change in the size of the Demised Premises.

ARTICLE 23

RE-ENTRY BY LANDLORD

23.1 If this Lease terminates as provided in Article 22, Landlord or Landlord’s agents may immediately or at any time thereafter re-enter the Demised Premises, or any part thereof, either by summary dispossess proceedings or by any suitable action or proceeding at law, and may repossess same, and may remove any person therefrom, to the end that Landlord may have, hold and enjoy the Demised Premises. The word “re-enter” as used herein, is not restricted to its technical legal meaning. If this Lease is terminated under the provisions of Article 22, or if Landlord re-enters the Demised Premises under the provisions of this Article, or in the event of the termination of this Lease, or of re-entry, by or under any summary dispossess or other proceeding or action or any provision of law by reason of default hereunder on the part of Tenant, Tenant shall thereupon pay to Landlord Fixed Rent and Additional Charges payable to the time of such termination of this Lease, or of such recovery of possession of the Demised Premises by Landlord, as the case may be, and shall also pay to Landlord damages as provided in Article 24.

23.2 In the event of a breach by Tenant of any of its obligations under this Lease, Landlord shall have the right to seek an injunction to enjoin such breach. The special remedies to which Landlord may resort hereunder are cumulative and are not intended to be exclusive of any other remedies to which Landlord may lawfully be entitled at any time and such party may invoke any remedy allowed at law or in equity as if specific remedies were not provided for herein.

23.3 If this Lease is terminated under the provisions of Article 22, or if Landlord re-enters the Demised Premises under the provisions of this Article, or in the event of the termination of this Lease, or of re-entry, by or under any summary dispossess or other proceeding or action or any provision of law by reason of default hereunder on the part of Tenant, Landlord shall be entitled to retain all monies, if any, paid by Tenant to Landlord, whether as advance rent, security or otherwise, but such monies shall be credited by Landlord against any Fixed Rent or Additional Charges due from Tenant at the time of such termination or re-entry or, at Landlord’s option, against any damages payable by Tenant under Article 24 or pursuant to law.

ARTICLE 24

DAMAGES

24.1 If this Lease is terminated under the provisions of Article 22, or if Landlord re-enters the Premises under the provisions of Article 23, or in the event of the

termination of this Lease, or of re-entry, by or under any summary dispossess or other proceeding or action or any provision of law by reason of default hereunder on the part of Tenant, Tenant shall continue to pay to Landlord monthly as damages sums equal to the Fixed Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the Demised Premises, payable upon the due dates therefor (as provided in this Lease) following such termination or such re-entry until the date that would have been the Expiration Date if this Lease had not so terminated or if Landlord had not so re-entered the Premises; provided, however, if Landlord shall relet all or any portion of the Demised Premises during said period to an unaffiliated third party or shall occupy all or any portion of the Demised Premises itself, Landlord shall credit Tenant with the net rents received by Landlord from such reletting (or the current rental rate of the Demised Premises actually occupied if occupied by Landlord), such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such reletting the reasonable and customary expenses paid by Landlord in terminating this Lease or in re-entering the Demised Premises and in securing possession thereof, as well as the reasonable and customary expenses of reletting paid by Landlord, including altering and preparing the Demised Premises for new tenants, brokers’ commissions, reasonable attorneys’ fees and disbursements, and all other such expenses, it being understood that any such reletting may be for a period shorter or longer than what would have been the unexpired portion of the Term if this Lease had not so terminated or if Landlord had not so re-entered the Demised Premises, but in no event shall Tenant be entitled to receive any excess of such net rents over the sums payable by Tenant to Landlord hereunder, nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subdivision to a credit in respect of any net rents from a reletting, except to the extent that such net rents are actually received by Landlord. If the Demised Premises or any part thereof is relet in combination with other space, then proper apportionment on a per square foot basis shall be made of the rent received from such reletting and of the expenses of reletting, consistent with the foregoing.

24.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the Term would have expired if this Lease had not so terminated or had Landlord not so re-entered the Demised Premises. Nothing herein contained shall be construed to limit or preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default of Tenant hereunder. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount is greater than, equal to, or less than any of the sums referred to in Section 24.1. Notwithstanding anything to the contrary in this Lease, in no event shall either party be entitled to consequential or special damages as a result of any breach or default hereunder.

24.3 In addition, if this Lease is terminated under the provisions of Article 22, or if Landlord re-enters the Demised Premises under the provisions of Article 23, Tenant agrees that:

(a) the Demised Premises then shall be in the same condition as that in which Tenant has agreed to surrender the same to Landlord on the Expiration Date, and

(b) Tenant shall have performed prior to any such termination or re-entry any obligation of Tenant contained in this Lease for the making of any Alteration or for restoring or rebuilding the Demised Premises or any part thereof, and

ARTICLE 25

WAIVERS

25.1 Tenant, on behalf of itself and any and all persons claiming through or under Tenant, does hereby waive and surrender all right and privilege which it, they or any of them might have under or by reason of any present or future law, to redeem the Demised Premises or to have a continuance of this Lease after being dispossessed or ejected therefrom by process of law or under the terms of this Lease or after the termination of this Lease.

25.2 If Tenant is in arrears in payment of Fixed Rent or Additional Charges, Tenant waives its right, if any, to designate the items to which any payments made by Tenant are to be credited, and Landlord may apply any payments made by Tenant to such items which are then due and outstanding under this Lease as Landlord sees fit, irrespective of any designation or request by Tenant as to the items to which any such payments shall be credited.

25.3 To the maximum extent permitted by law, Landlord and Tenant hereby waive trial by jury in any action, proceeding or counterclaim brought by either against the other on any matter arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant under this Lease, Tenant’s use or occupancy of the Premises, including any claim of injury or damage, and any emergency and other statutory remedy in respect thereof.

25.4 The failure of either party to insist in any one or more instances upon the strict performance of any one or more of the obligations contained in this Lease, or to exercise any election herein contained, shall not be construed as a waiver or relinquishment for the future of the performance of such one or more obligations contained in this Lease or of the right to exercise such election, but same shall continue and remain in full force and effect in respect of any subsequent breach, act or omission. The receipt by Landlord of Fixed Rent or Additional Charges with knowledge of breach by Tenant of any obligation contained in this Lease shall not be deemed a waiver of such breach.

ARTICLE 26

CURING TENANT’S DEFAULTS AND COSTS OF ENFORCEMENT

26.1 If Tenant defaults in the performance of any of Tenant’s obligations under this Lease and such default is not cured after notice and the expiration of the cure period provided in Article 22, Landlord, without thereby waiving such default, may (but shall not be obligated to) perform same for the account and at the reasonable expense of Tenant, without notice in case of emergency. Bills for any expenses incurred by Landlord in connection with any such performance by it for the account of Tenant, and bills for all reasonable costs, expenses and disbursements of every kind and nature, including reasonable attorneys’ fees and disbursements, involved in collecting or endeavoring to enforce any rights against Tenant, under or in connection with this Lease or pursuant to law, including any such cost, expense and disbursement involved in instituting and prosecuting summary proceedings or in recovering possession of the Demised Premises after default by Tenant or upon the Expiration Date or sooner termination of this Lease, may be sent by Landlord to Tenant monthly and such amounts shall be due and payable in accordance with the terms of such bills.

ARTICLE 27

BROKER

27.1 Each of Tenant and Landlord represents and warrants to the other that no broker procured this Lease, and that it had no conversations or negotiations with any broker concerning the leasing of the Demised Premises. Each of Tenant and Landlord shall indemnify the other against liability in connection with a breach of its representation and warranty in this Article 27 and in connection with any claim for a brokerage commission arising out of any conversations or negotiations had by it with any broker.

ARTICLE 28

NOTICES

28.1 Any notice, consent, approval or other communication required or permitted to be given by either party to the other or to any Superior Mortgagee (collectively, “Notices” and individually, “Notice”) must be in writing and, except as otherwise provided in the succeeding Sections, shall be deemed to have been properly given only if sent by (i) nationally-recognized receipted overnight courier service or (ii) registered or certified mail, return receipt requested, posted in a United States post office station or letter box in the continental United States, in either case, if addressed to Landlord as the receiving party, at its address set forth at the head of this Lease, with a copy to the Independent Family Office Box 3977, Albany, NY 12203, or if addressed to Tenant as the receiving party, at the Demised Premises (Attention: Chief Financial Officer), with a copy to the Demised Premises (Attention: Legal Department), and if addressed to any Superior Mortgagee to it at the last address of which Landlord or Tenant

(whichever may be giving the Notice) was notified. Either party may, at any time, or from time to time, notify the other in writing of a substitute address for that above set forth, and thereafter notices shall be directed to such substitute address.

A Notice shall be deemed to have been given on (x) the next Business Day after the date deposited with the overnight courier service or (y) the third Business Day after the day mailed by registered or certified mail. Either party may, by notice as aforesaid, designate a different address for Notices intended for it. At any time that Tenant consists of more than one person, a Notice to Tenant shall be effective if given to any one of said persons.

ARTICLE 29

ESTOPPEL CERTIFICATES, FINANCIAL STATEMENTS,
AND MEMORANDUM OF LEASE

29.1 Each party shall, at any time and from time to time, as requested by the other party, execute and deliver to the other party within ten (10) Business Days after receipt of such request a statement (a) certifying that this Lease is unmodified and in full force and effect (or if modified, that same is in full force and effect as modified and stating the modifications), (b) certifying the dates to which Fixed Rent and Additional Charges have been paid, (c) stating whether or not, to the knowledge of the signing party, the other party is in default in performance of any of its material obligations under this Lease, and, if so, specifying each such default of which the signing party has knowledge, and (d) stating whether or not, to the knowledge of the signing party, any condition or event exists which with the giving of notice or passage of time, or both, would constitute such a default, and, if so, specifying each such condition or event. Any statement delivered pursuant to this Section shall be deemed a representation and warranty that may be relied upon by the party requesting the statement and by others with whom such party may be dealing, regardless of independent investigation. Tenant shall not be obligated to deliver to Landlord any non-public information. Landlord agrees to keep all non-public information regarding the financial condition of Tenant confidential and to require that any prospective Superior Mortgagee agree to keep non-public information confidential.

29.2 Tenant shall not record this Lease nor any short form or memorandum of lease, nor any amendment or modification of this Lease.

ARTICLE 30

FORCE MAJEURE

30.1 Except as may be otherwise provided for by the express terms contained elsewhere in this Lease, this Lease and the obligations of Tenant to pay Fixed Rent and Additional Charges hereunder and to perform all of the other covenants and agreements hereunder on the part of Tenant to be performed shall not be affected, impaired or excused because Landlord is unable to fulfill, or is delayed in fulfilling, any

of its obligations under this Lease or because Landlord is unable to make, or is delayed in making, any repairs, additions, alterations, improvements or decorations or is unable to supply or is delayed in supplying any equipment or fixtures, if Landlord is prevented or delayed from so doing by reason of any of the following (“Force Majeure Events”): fire or other casualty; acts of God; war; riot or other civil disturbance; uninsured accident; industry-wide strike or other labor trouble; governmental preemption of priorities or other controls in connection with a national or other public emergency; City-wide failure in the supply of fuel, gas, steam, water, electricity, supplies or labor (not due to inadequacy or failure of payment); or any other event or cause whatsoever beyond Landlord’s reasonable control. Upon cessation of any Force Majeure Event, Landlord shall promptly and diligently resume efforts to fulfill Landlord’s obligations. Fixed Rent and/or Additional Charges may be abated by Tenant if it cannot use the Demised Premises as provided in this Lease, but only in accordance with the abatement rights under Section 13.3, Article 19 and Article 20 of the Lease.

30.2 If, by reason of any Force Majeure Event, Tenant is unable to fulfill any of Tenant’s obligations under this Lease (with the exception of any obligations on Tenant’s part to pay any sum of money due Landlord, including, without limitation, the payment of Fixed Rent or Additional Charges, which monetary obligations shall remain unaffected by the provisions of this Section 30.2), Tenant shall not be required to fulfill such non-monetary obligations during the period that Tenant is so prevented or delayed from so doing by reason of such Force Majeure Event. Upon cessation of any Force Majeure Event, Tenant shall promptly and diligently resume efforts to fulfill Tenant’s obligations.

ARTICLE 31

CONSENTS

31.1 If a party to this Lease requests the other party’s consent and the other party fails or refuses to give such, a party shall not be entitled to any damages for any withholding by the other party of its consent provided that the other party has complied with the provisions of Section 31.2. A party’s sole remedy for the other party’s refusal to give the requested consent shall be an action for specific performance or injunction. Should a party successfully obtain any such specific performance or injunctive relief, the other party shall promptly reimburse the aggrieved party for all reasonable attorney’s fees and disbursements incurred by the party in connection therewith (in the case of Tenant, which reimbursement Tenant may elect to recover by credit against Fixed Rent next accruing under this Lease until fully reimbursed).

31.2 Whenever either party’s reasonable consent, reasonable approval or other reasonable action is required under this Lease, such consent, approval or action shall not be unreasonably conditioned or delayed.

ARTICLE 32

MISCELLANEOUS

32.1 Each party expressly acknowledges and agrees that the other party hereto has not made and is not making, and the parties, in executing and delivering this Lease, are not relying upon, any warranties, representations, promises or statements except to the extent that they are expressly set forth in this Lease. All prior understandings and agreements between the parties are merged in this Lease, which alone fully and completely expresses the agreement of the parties and which are entered into after full investigation.

32.2 No agreement shall be effective to change, modify, waive, release, discharge, terminate or effect an abandonment of this Lease, in whole or in part, unless such agreement is in writing, refers expressly to this Lease and is signed by the party against whom enforcement of the change, modification, waiver, release, discharge, termination or effectuation of the abandonment is sought.

32.3 Except as otherwise expressly provided in this Lease, the obligations under this Lease shall bind and benefit the successors and assigns of the parties hereto with the same effect as if mentioned in each instance where a party is named or referred to; provided, however, that (a) no violation of the provisions of Article 8 shall operate to vest any rights in any successor or assignee of Tenant and (b) the provisions of this Section shall not be construed as modifying the conditions of limitation contained in Article 22. No provision in this Lease shall be construed for the benefit of any third party except as expressly provided herein.

32.4 Submission by either party of this Lease or other documents pertaining to the subject matter hereof for review and/or execution by the other party hereto shall not confer any rights or impose any obligations on either party unless and until both parties execute this Lease and duplicate originals thereof are delivered to the respective parties.

32.5 Irrespective of the place of execution or performance, this Lease shall be governed by and construed in accordance with the laws of the State of New York. If any provision of this Lease or the application thereof to any person or circumstance, for any reason and to any extent, is invalid or unenforceable, the remainder of this Lease and the application of that provision to other persons or circumstances shall not be affected but rather shall be enforced to the extent permitted by law. The table of contents, captions, headings and titles in this Lease are solely for convenience of reference and shall not affect its interpretation. This Lease shall be construed without regard to any presumption or other rule requiring construction against the party causing this Lease to be drafted. Except as set forth herein, each obligation of Tenant under this Lease shall be deemed and construed as a separate and independent covenant of Tenant, not dependent on any other provision of this Lease.

32.6 All terms and words used in this Lease, regardless of the number or gender in which they are used, shall be deemed to include any other number and any other gender as the context may require.

32.7 This Lease may be executed in counterparts and shall constitute the agreement of Landlord and Tenant whether or not their signatures appear in a single copy hereof.

32.8 Tenant represents and warrants that:

(a) Tenant is authorized to enter into this Lease and the execution of this Lease will not constitute a violation of any internal by-law, agreement or other rule of governance;

(b) the person executing on Tenant’s behalf is duly authorized, no other signatures are necessary and Tenant shall supply Landlord with written documentation evidencing such authority upon or prior to Tenant’s execution of this Lease;

(c) to Tenant’s knowledge, Tenant is not acting, directly or indirectly, for or on behalf of any person, group, entity, or nation named by any Executive Order or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, nation, or transaction pursuant to any law, order, rule, or regulation that is enforced or administered by the Office of Foreign Assets Control; and

(d) to Tenant’s knowledge, Tenant is not engaged in this transaction, directly or indirectly on behalf of, or instigating or facilitating this transaction, directly or indirectly of behalf of, any such person, group, entity or nation.

32.9 Landlord represents and warrants that:

(a) Landlord owns the Property, free and clear of all mortgages; and

(b) Landlord is authorized to enter into this Lease and the execution of this Lease will not constitute a violation of any internal by-law, agreement or other rule of governance;

(d) To Landlord’s knowledge, Landlord is not acting, directly or indirectly, for or on behalf of any person, group, entity, or nation named by any Executive Order or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or other banned or blocked person, entity, nation, or transaction pursuant to any law, order, rule, or regulation that is enforced or administered by the Office of Foreign Assets Control; and

(e) To Landlord’s knowledge, Landlord is not engaged in this transaction, directly or indirectly on behalf of, or instigating or facilitating this transaction, directly or indirectly of behalf of, any such person, group, entity or nation.

32.10 The parties shall use commercially reasonable efforts to not disclose any terms or conditions of this Lease (including Fixed Rent), except: (a) if required by law or in any judicial proceeding, provided that the releasing party has given the other party reasonable Notice of such requirement, if feasible; (b) to a party’s attorneys, accountants, brokers, and other bona fide consultants or advisors, provided they agree to be bound by this paragraph; (c) to bona fide prospective assignees or subtenants of this Lease, provided they agree in writing to be bound by this paragraph or (d) if a party is required to file this Lease as part of reporting requirements under federal or state law, then the other party, upon receipt of a letter from such party’s outside counsel regarding the necessity of such filing, shall consent to such disclosure of the Lease for such limited purpose or (e) to prospective purchasers of the Property and prospective mortgagees. Landlord shall not release to any third party any nonpublic financial information or nonpublic information about Tenant’s ownership structure that Tenant gives to Landlord.

32.11 Nothing herein shall create a relationship between Landlord and Tenant other than that of Landlord and Tenant governed by the terms of this Lease and applicable law.

ARTICLE 33

Landlord’s Default

Landlord’s failure to perform or observe any of its lease obligations after a period of thirty (30) days or such additional time, if any, as may be reasonably necessary to cure such failure after receiving notice from the Tenant shall constitute a landlord’s default, unless Landlord shall within such period promptly commence and diligently prosecute to completion the curing of such failure. Such notice shall give reasonable detail as to the nature and extent of the failure and identify the lease provisions containing the obligations. After the Tenant receives a notice, containing the name and address of Superior Mortgagee whose lien is senior to the lien of this lease and a request for notice to such Superior Mortgagee upon Landlord’s default and failure to cure same pursuant to this Article 33, the Tenant shall also give the notice required by this paragraph to Superior Mortgagee at the same time the Tenant gives notice to Landlord. Upon Landlord’s default and failure to cure same pursuant to this Article 33, the Tenant may pursue any remedies given in this Lease or available at law or in equity.

ARTICLE 34

[Intentionally Omitted]

ARTICLE 35

[INTENTIONALLY OMITTED]

ARTICLE 36

ABILITY TO CONTEST ADDITIONAL CHARGES

Tenant, within ninety (90) days after the date on which the documentation evidencing the Additional Charge are first made available, may send a notice (“Tenant’s Statement”) to Landlord that Tenant disagrees with the applicable Additional Charge, specifying in reasonable detail the basis for Tenant’s disagreement and the amount of the Tenant claims is due. If Tenant fails to deliver a Tenant’s Statement within such ninety (90) day period, then such Additional Charge shall be conclusive and binding on Tenant. If Tenant delivers a Tenant Statement within such ninety (90) day period, then Landlord and Tenant shall attempt to resolve such disagreement. If they are unable to do so, then Tenant may notify Landlord, within sixty (60) days after the date on which the documentation evidencing the Additional Charge are made available to Tenant in connection with the disagreement in question, that Tenant desires to have such disagreement determined by an Arbiter, and promptly thereafter Landlord shall designate, subject to Tenant’s reasonable approval, a certified public accountant (the “Arbiter”) whose determination made in accordance with this Article 36 shall be binding upon the parties. If Tenant timely delivers a Tenant’s Statement, the disagreement referenced therein is not resolved by the parties and Tenant fails to notify Landlord of Tenant’s desire to have such disagreement determined by an Arbiter within the ninety (90) day period set forth in the preceding sentence, then the Additional Charge to which such disagreement relates shall be conclusive and binding on Tenant. If the determination of the Arbiter shall substantially confirm the determination of Landlord, then Tenant shall pay the cost of the Arbiter. If the determination of Arbiter shall substantially confirm the determination of Tenant, then Landlord shall pay the cost of the Arbiter. In all other events, the cost of the Arbiter shall be borne equally by Landlord and Tenant. The Arbiter shall (i) be a certified public accountant and a member of an independent certified public accounting firm comprised of at least fifteen (15) members who shall be certified public accountants, and (ii) have at least ten (10) years’ experience in preparing and/or auditing the financial statements of owners and/or operators of office buildings in Albany, NY which are similar to the building. If Landlord and Tenant shall be unable to agree upon the designation of the Arbiter within fifteen (15) days after notice from Landlord to Tenant requesting agreement as to the designation of the Arbiter, then either party shall have the right to request that the American Arbitration Association (or any organization which is the successor thereto) (the “AAA”) designate as the Arbiter a certified public accountant having the qualifications described above in this Article 36 and the cost of such certified public accountant shall be borne as provided above in the case of the Arbiter designated by Landlord and Tenant. Any determination made by an

Arbiter in accordance with this Article 36 shall be conclusive and binding upon the parties. Notwithstanding anything to the contrary set forth herein, the determination of the Arbiter shall not exceed the amount determined to be due in the first instance by the Additional Charge, and any determination which does not comply with the foregoing shall be null and void and not binding on the parties. In rendering such determination the Arbiter shall not add to, subtract from or otherwise modify the provisions of this Lease, including the immediately preceding sentence. Pending the resolution of any contest pursuant to this Article 36, and as a condition to Tenant’s right to prosecute such contest, Tenant shall pay all sums required to be paid in accordance with the Additional Charge in question.

ARTICLE 37

WAIVER OF LANDLORD’S LIEN

Landlord hereby waives and releases any contractual, statutory or other landlord’s lien which it may have, whether pursuant to this lease, by operation of law or otherwise, now or in the future on tenant’s furniture, fixtures, supplies, equipment, inventory or other property of any nature whatsoever.

ARTICLE 38

TENANT FINANCING

Tenant shall have the absolute right from time to time during the Term hereof and without Landlord’s further approval, written or otherwise, to grant and assign a mortgage or other security interest in Tenant’s interest in this Lease and all of Tenant’s Property to Tenant’s lenders in connection with Tenant’s financing arrangements. Landlord agrees to execute such confirmation, certificates and other documents (except amendments to this Lease unless Landlord hereafter consents) as Tenant’s lenders may reasonably request in connection with any such financing.

[BALANCE OF PAGE INTENTIONALLY OMITTED.]

IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Lease as of the day and year first above written.

	Landlord:

	RJHDC, LLC

	By:	/s/ Robert J. Higgins
		Name:
		Title:

	Tenant:

	RECORD TOWN, INC.

	By:	/s/ Mike Feurer
		Name: Mike Feurer
		Title: Chief Executive Officer

	Tenant:

	TRANS WORLD ENTERTAINMENT CORPORATION

	By:	/s/ Mike Feurer
		Name: Mike Feurer
		Title: Chief Executive Officer

SCHEDULE 1

FIXED RENT FOR INITIAL TERM

Premises	Period		Price Per Square Foot		Annual Rent		Monthly Rent

Warehouse Demised Premises		1/1/16-12/31/20	$	6.50	$	919,750	$	76,645.83
Office Demised Premises		1/1/16-12/31/20	$	8.00	$	318,400	$	26,533.33

EXHIBIT A

DEMISED PREMISES

[See Existing Leases]

EXHIBIT B

LAND

[See Existing Leases]

EXHIBIT C-1

REQUIRED WORK

1.	Repair office roof as set forth in the Required Work Report.

2.	Repair the masonry walls surrounding the North Lower Roof as set forth in the Required Work Report.

3.	Repair and/or replace the HVAC unit(s) as set forth in the Required Work Report.

EXHIBIT C-2

REQUIRED WORK REPORTS

1.	Letter from ComfortTemp Heating & Cooling dated January 17, 2015

2.	Letter from CentiMark dated January 13, 2015

3.	Letter from CentiMark dated January 13, 2015

EX-31.1 3 c83201_ex31-1.htm

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT 2002

I, Michael Feurer certify that:

(1)

I have reviewed this report on Form 10–Q of the Registrant;

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: December 10, 2015

	/s/ Michael Feurer
	Michael Feurer
	Chief Executive Officer
	Trans World Entertainment Corporation

EX-31.2 4 c83201_ex31-2.htm

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT 2002

I, John Anderson, Chief Financial Officer of Trans World Entertainment Corporation (the “Registrant”), certify that:

(1)

I have reviewed this report on Form 10–Q of the Registrant;

(2)

(3)

(4)

(5)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: December 10, 2015

	/s/ John Anderson
	John Anderson
	Chief Financial Officer
	Trans World Entertainment Corporation

EX-32 5 c83201_ex32.htm

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Trans World Entertainment Corporation (the “Company”) on Form 10-Q for the period ending OCTOBER 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Michael Feurer, Chief Executive Officer of the Company and John Anderson, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Michael Feurer		/s/ John Anderson
Michael Feurer		John Anderson
Chief Executive Officer		Chief Financial Officer
December 10, 2015		December 10, 2015

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TRANS WORLD ENTERTAINMENT CORP 10-Q --01-31 31074977 false 0000795212 Yes No Accelerated Filer No 2015 Q3 2015-10-31

Note 1. Nature of Operations Trans World Entertainment Corporation and subsidiaries (“the Company”) is one of the largest specialty retailers of entertainment products, including video, music, electronics, trend, video games and related products in the United States. The Company operates a chain of retail entertainment stores, primarily under the names f.y.e. for your entertainment and Suncoast Motion Pictures, and e-commerce sites, www.fye.com and www.secondspin.com in a single industry segment. As of October 31, 2015, the Company operated 309 stores totaling approximately 1.8 million square feet in the United States, the District of Columbia and the Commonwealth of Puerto Rico. Liquidity and Cash Flows: The Company’s primary sources of working capital are cash and cash equivalents on hand, cash provided by operations and borrowing capacity under its revolving credit facility (See Note 6 for further details). The Company’s cash flows fluctuate from quarter to quarter due to various items, including seasonality of sales and earnings, merchandise inventory purchases and returns and the related terms on the purchases and capital expenditures. Management believes it will have adequate resources to fund its cash needs for the next twelve months and beyond, including its capital spending, seasonal increase in merchandise inventory and other operating cash requirements and commitments. Management anticipates that any future cash requirements due to a shortfall in cash from operations would be funded by the Company’s cash and cash equivalents on hand and its revolving credit facility. Seasonality: The Company’s business is seasonal, with the fourth fiscal quarter constituting the Company’s peak selling period. In fiscal 2014, the fourth quarter accounted for approximately 35% of annual net sales and all of net income. In anticipation of increased sales activity in the fourth quarter, the Company purchases additional inventory and hires seasonal associates to supplement its core store sales and distribution center staffing. If, for any reason, the Company’s fourth quarter sales were below normal seasonal levels, the Company’s operating results could be adversely affected. Quarterly sales can also be affected by the timing of new product releases, new store openings, store closings and the performance of existing stores.

309

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Note 2: Basis of Presentation The accompanying unaudited condensed consolidated financial statements consist of Trans World Entertainment Corporation, its wholly-owned subsidiary, Record Town, Inc. (“Record Town”), and Record Town’s subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. The interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished in these unaudited condensed consolidated financial statements reflects all normal, recurring adjustments which, in the opinion of management, are necessary for the fair presentation of such financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to rules and regulations applicable to interim financial statements. Selling, general and administrative expenses include miscellaneous income and expense items, other than interest.  The Company recorded miscellaneous income items of $1.8 million for the thirteen weeks ended October 31, 2015 compared to income of $1.4 million for the thirteen weeks ended November 1, 2014. For the thirty-nine weeks ended October 31, 2015 and November 1, 2014, the Company recorded miscellaneous income items of $6.0 million and $4.0 million, respectively. The fiscal 2015 miscellaneous income items included a legal settlement reimbursement of $1.4 million related to previously incurred credit card fees. The information presented in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2015 has been derived from the Company’s January 31, 2015 audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements as of and for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2015. The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 31, 2015.

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Note 3. Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.  2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, (“ASU 2014-08”). This amendment changes the requirements for reporting discontinued operations and includes enhanced disclosures about discontinued operations. Under the amendment, only those disposals of components of an entity that represent a strategic shift that has a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. ASU 2014-08 is effective prospectively for annual periods beginning on or after December 15, 2014, and interim reporting periods within those years. The Company adopted ASU 2014-08 as of the beginning of fiscal 2015 and it did not have a material impact on the Company’s consolidated financial position, cash flows, or results of operations.

Note 4. Stock Based Compensation As of October 31, 2015, there was approximately $0.9 million of unrecognized compensation cost related to stock awards that is expected to be recognized as expense over a weighted average period of 1.7 years. As of October 31, 2015, stock awards authorized for issuance under the Company’s current long term equity incentive plans, totaled 8.0 million. There are certain authorized stock plans for which the Company no longer grants awards. Of these awards authorized for issuance, 2.4 million were granted and are outstanding, 1.5 million of which were vested and exercisable. Awards available for future grants at October 31, 2015 were 2.1 million. The table below outlines the assumptions that the Company used to estimate the fair value of stock options granted during the thirty-nine weeks ended October 31, 2015: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 82%; text-align: left">Dividend yield</td> <td style="width: 18%; text-align: center">0%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected stock price volatility</td> <td style="text-align: center">47.0%-66.8%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify">Risk-free interest rate</td> <td style="text-align: center">1.45%-2.18%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected award life (in years)</td> <td style="text-align: center">4.92-5.71</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify">Weighted average fair value per share of options granted during the period</td> <td style="text-align: center">$1.93</td> </tr> </table> The following table summarizes stock award activity during the thirty-nine weeks ended October 31, 2015: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="18" style="text-align: center; border-bottom: Black 1px solid">Employee and Director Stock Award Plans</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="2" nowrap="nowrap" style="text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Number of Shares Subject To Option</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Weighted Average Exercise Price</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Weighted Average Remaining Contractual Term</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; vertical-align: bottom">Other Share Awards(1)</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Weighted Average Grant Fair Value</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 1%; text-align: center"> </td> <td style="width: 22%; text-align: center">Balance January 31, 2015</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%; text-align: right">2,465,110</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6.80</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">3.8</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">237,400</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">3.75</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td> <td style="text-align: center">Granted</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">345,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.72</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.6</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,774</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.59</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center"> </td> <td style="text-align: center">Exercised</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.33</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1px solid; text-align: center"> </td> <td style="border-bottom: Black 1px solid; text-align: center">Canceled</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(690,035</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">)</td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">13.68</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center"> </td> <td style="text-align: center">Balance October 31, 2015</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,112,075</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4.07</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.1</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">261,174</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.73</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td> <td style="text-align: center">Exercisable October 31, 2015</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,351,325</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4.21</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.1</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">51,774</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4.68</td> <td style="text-align: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 30pt; text-align: center">(1)</td> <td style="text-align: justify">Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.</td> </tr> </table> As of October 31, 2015, the intrinsic value of stock awards outstanding was approximately $842,000 and exercisable was $625,000.

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2100000

842000 625000

The table below outlines the assumptions that the Company used to estimate the fair value of stock options granted during the thirty-nine weeks ended October 31, 2015: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 82%; text-align: left">Dividend yield</td> <td style="width: 18%; text-align: center">0%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected stock price volatility</td> <td style="text-align: center">47.0%-66.8%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify">Risk-free interest rate</td> <td style="text-align: center">1.45%-2.18%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected award life (in years)</td> <td style="text-align: center">4.92-5.71</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify">Weighted average fair value per share of options granted during the period</td> <td style="text-align: center">$1.93</td> </tr> </table>

0.00

0.470

0.668

0.0145

0.0218

P4Y335D

P5Y259D

1.93

The following table summarizes stock award activity during the thirty-nine weeks ended October 31, 2015: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="18" style="text-align: center; border-bottom: Black 1px solid">Employee and Director Stock Award Plans</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="2" nowrap="nowrap" style="text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Number of Shares Subject To Option</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Weighted Average Exercise Price</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Weighted Average Remaining Contractual Term</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; vertical-align: bottom">Other Share Awards(1)</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom">Weighted Average Grant Fair Value</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center; vertical-align: bottom"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center; vertical-align: top"> </td> <td style="font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 1%; text-align: center"> </td> <td style="width: 22%; text-align: center">Balance January 31, 2015</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 8%; text-align: right">2,465,110</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">6.80</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">3.8</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">237,400</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">3.75</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td> <td style="text-align: center">Granted</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">345,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.72</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.6</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,774</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.59</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center"> </td> <td style="text-align: center">Exercised</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(8,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.33</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1px solid; text-align: center"> </td> <td style="border-bottom: Black 1px solid; text-align: center">Canceled</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(690,035</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">)</td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">13.68</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> <td style="padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: center"> </td> <td style="text-align: center">Balance October 31, 2015</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,112,075</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4.07</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.1</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">261,174</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">3.73</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td> <td style="text-align: center">Exercisable October 31, 2015</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,351,325</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4.21</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.1</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">51,774</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">4.68</td> <td style="text-align: left"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 30pt; text-align: center">(1)</td> <td style="text-align: justify">Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.</td> </tr> </table>

2465110 6.80 3.8 237400 3.75

345000

3.72

9.6 23774 3.59

-8000

2.33

690035 13.68 2112075 4.07 5.1 261174 3.73 1351325 4.21 3.1 51774 4.68

Note 5. Defined Benefit Plans The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. During the thirty-nine weeks ended October 31, 2015, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $182,000 in benefits relating to the SERP during fiscal 2015. The measurement date for the SERP Plan is the Company’s fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities. The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen weeks ended</td> <td style="padding-bottom: 1px"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirty-nine weeks ended</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid"> </td> <td style="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid"> </td> <td style="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(in thousands)</td> <td> </td> <td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(in thousands)</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 9%; background-color: White"> </td> <td style="width: 39%; text-align: justify">Service cost</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">17</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">14</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">51</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">42</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Interest cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">145</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">172</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">435</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">517</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">Amortization of pension costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">180</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">258</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">540</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px">Amortization of net gain(1)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(9</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(35</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(27</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(106</td> <td style="padding-bottom: 1px; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 3px">Net periodic pension cost</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">239</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">331</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">717</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">993</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 30pt; text-align: center">(1)</td> <td style="text-align: justify">The amortization of net gain is related to a Director Retirement Plan previously provided by the Company.</td> </tr> </table>

182000

The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen weeks ended</td> <td style="padding-bottom: 1px"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirty-nine weeks ended</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid"> </td> <td style="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid"> </td> <td style="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify"> </td> <td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(in thousands)</td> <td> </td> <td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(in thousands)</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 9%; background-color: White"> </td> <td style="width: 39%; text-align: justify">Service cost</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">17</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">14</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">51</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">42</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify">Interest cost</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">145</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">172</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">435</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">517</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify">Amortization of pension costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">86</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">180</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">258</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">540</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 1px">Amortization of net gain(1)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(9</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(35</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(27</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(106</td> <td style="padding-bottom: 1px; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding-bottom: 3px">Net periodic pension cost</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">239</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">331</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">717</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">993</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 30pt; text-align: center">(1)</td> <td style="text-align: justify">The amortization of net gain is related to a Director Retirement Plan previously provided by the Company.</td> </tr> </table>

17000

14000

51000

42000

145000

172000

435000

517000

86000

180000

258000

540000

9000

35000

27000

106000

239000

331000

717000

993000

Note 6. Line of Credit In May 2012, the Company entered into a $75 million credit facility (“Credit Facility”) which amended the previous credit facility. The principal amount of all outstanding loans under the Credit Facility together with any accrued but unpaid interest, are due and payable in May 2017, unless otherwise paid earlier pursuant to the terms of the Credit Facility. Payments of amounts due under the Credit Facility are secured by the assets of the Company. The Credit Facility includes customary provisions, including affirmative and negative covenants, which include representations, warranties and restrictions on additional indebtedness and acquisitions. The Credit Facility also includes customary events of default, including, among other things, material adverse effect, bankruptcy, and certain changes of control. The Credit Facility also contains other terms and conditions, including limitations on the payment of dividends and covenants around the number of store closings. The Company is compliant with all covenants. Interest under the Credit Facility will accrue, at the election of the Company, at a Base Rate or LIBO Rate, plus, in each case, an Applicable Margin, which is determined by reference to the level of availability, with the Applicable Margin for LIBO Rate loans ranging from 2.25% to 2.75% and the Applicable Margin for Prime Rate loans ranging from 0.75% to 1.25%. In addition, a commitment fee ranging from 0.375% to 0.50% is also payable on unused commitments. The availability under the Credit Facility is subject to limitations based on inventory levels. During the third quarter of fiscal 2015 and 2014, the Company did not have any borrowings under the Credit Facility. The Company did not have any borrowings under its Credit Facility during fiscal 2012, fiscal 2013, and fiscal 2014. As of October 31, 2015 and November 1, 2014, the Company had no outstanding letter of credit obligations under the Credit Facility. The Company had $65 million available for borrowing as of both October 31, 2015 and November 1, 2014.

75000000

0.0225

0.0275

0.0075

0.0125

0.00375

0.0050

65000000

Note 7. Accumulated Other Comprehensive (Loss) Income Accumulated other comprehensive (loss) income that the Company reports in the condensed consolidated balance sheets represents the difference between the accrued pension liability and accrued benefit cost, net of taxes, associated with the Company’s defined benefit plans. Comprehensive (loss) income consists of net income and the reclassification of pension costs previously reported in comprehensive (loss) income for the thirteen and thirty-nine weeks ended October 31, 2015 and November 1, 2014.

Note 8. Depreciation and Amortization of Fixed Assets Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen Weeks Ended</td> <td style="padding-bottom: 1px"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirty-nine Weeks Ended</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td> <td style="font-weight: bold; font-style: italic"> </td> <td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">(in thousands)</td> <td> </td> <td style="font-weight: bold; font-style: italic"> </td> <td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">(in thousands)</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 43%">Cost of sales</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">124</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">129</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">370</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">380</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px">Selling, general and administrative expenses</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">1,227</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">953</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">3,238</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">2,593</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 3px">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1,351</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1,082</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3,608</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">2,973</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirteen Weeks Ended</td> <td style="padding-bottom: 1px"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Thirty-nine Weeks Ended</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">October 31, 2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">November 1, 2014</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td> </td> <td style="font-weight: bold; font-style: italic"> </td> <td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">(in thousands)</td> <td> </td> <td style="font-weight: bold; font-style: italic"> </td> <td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">(in thousands)</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 43%">Cost of sales</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">124</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">129</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">370</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">380</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 1px">Selling, general and administrative expenses</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">1,227</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">953</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">3,238</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">2,593</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-bottom: 3px">Total</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1,351</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1,082</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">3,608</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">2,973</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

124000

129000

370000

380000

1227000 953000 3238000 2593000

1351000

1082000

3608000

2973000

Note 9. Basic and Diluted Loss Per Share Basic loss per share is calculated by dividing net loss by the weighted average common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company, if any. It is computed by dividing net loss by the sum of the weighted average shares outstanding and additional common shares that would have been outstanding if the dilutive potential common shares had been issued for the Company’s common stock awards from the Company’s Stock Award Plans. For the thirteen and thirty-nine week periods ended October 31, 2015 and November 1, 2014, the impact of all outstanding stock awards was not considered because the Company reported a net loss and such impact would be anti-dilutive. Accordingly, basic and diluted loss per share is the same.

Note 10. Shareholders’ Equity During the third quarter, the Company repurchased 61,410 shares of common stock at an average price of $3.83 per share. Since the inception of the program, the Company has repurchased 1,750,086 shares of common stock at an average price of $3.84 per share. The Company has approximately $15.3 million available for future purchases under its repurchase program. The Company classifies the repurchased shares as treasury stock on the Company’s condensed consolidated balance sheets.

61410

3.83

1750086

3.84

15300000

Note 11. Subsequent Event On December 4, 2015, the Company amended and restated the lease, a copy of which is attached hereto as Exhibit 10.1, for its’ corporate office space in Albany, NY with Robert J. Higgins, its Chairman and largest shareholder. The amended and restated lease commences January 1, 2016 and expires December 31, 2020. Upon commencement of the amended and restated lease, annual payments will be reduced by approximately $1.0 million. The reduction in payments will be reflected in the Condensed Consolidated Statements of Income as a reduction of interest expense partially offset by an increase in Cost of Sales and SG&A expenses.

2015-12-04

1000000

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EX-101.LAB 10 twmc-20151031_lab.xml Statement of Financial Position [Abstract] Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Merchandise inventory Other current assets Total current assets NET FIXED ASSETS OTHER ASSETS TOTAL ASSETS Accounts payable Accrued expenses and other current liabilities Deferred revenue Current portion of capital lease obligations Total current liabilities CAPITAL LEASE OBLIGATIONS, less current portion OTHER LONG-TERM LIABILITIES TOTAL LIABILITIES Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) Preferred stock par value (in Dollars per share) Preferred stock, shares authorized Preferred stock, shares issued Common stock ($0.01 par value; 200,000,000 shares authorized; 58,345,668, 58,337,668 and 58,325,668 shares issued, respectively) Common stock par value (in Dollars per share) Common stock, shares authorized Common stock, shares issued Additional paid-in capital Treasury stock at cost (27,270,691, 27,094,423 and 26,797,074 shares, respectively) Treasury stock, shares at cost Accumulated other comprehensive (loss) income Retained earnings TOTAL SHAREHOLDERS’ EQUITY TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY Income Statement [Abstract] Net sales Cost of sales Gross profit Selling, general and administrative expenses Loss from operations Interest expense, net Loss before income tax expense Income tax expense Net loss Net loss Basic and Diluted loss per share (in Dollars per share) Weighted average number of common shares outstanding – basic and diluted (in Shares) Statement of Comprehensive Income [Abstract] Comprehensive loss Statement of Cash Flows [Abstract] Net cash used by operating activities Purchases of fixed assets Investments, short term Net cash used by investing activities Cash dividends paid Payments of capital lease obligations Exercise of stock options Purchase of treasury stock Net cash used by financing activities Net decrease in cash and cash equivalents Disclosure Text Block [Abstract] Policy Text Block [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule for estimation of fair value for the stock based awards granted [Abstract] Range [Axis] Minimum [Member] Maximum [Member] Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract] Number of Shares Subject To option, Balance Number of Shares Subject To option, Balance Weighted Average Exercise Price Weighted Average Exercise Price Weighted Average Remaining Contractual Term Weighted Average Remaining Contractual Term Other Share Awards, Balance Other Share Awards, Balance Weighted Average Grant Date Value, Balance Weighted Average Grant Date Value, Balance Exercisable October 31, 2015 Exercisable October 31, 2015 Exercisable October 31, 2015 Exercisable October 31, 2015 Exercisable October 31, 2015 Disclosure Text Block Supplement [Abstract] Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract] Net periodic pension cost Debt Disclosure [Abstract] Property, Plant and Equipment [Abstract] Schedule of Depreciation and Amortization of Fixed Assets [Abstract] Total Earnings Per Share [Abstract] Stockholders' Equity Note [Abstract] Subsequent Events [Abstract] ASSETS CURRENT ASSETS: LIABILITIES CURRENT LIABILITIES: SHAREHOLDERS’ EQUITY BASIC AND DILUTED LOSS PER SHARE: Amortization of pension costs Cash flows from investing activities: Cash flows from financing activities: Nature of Operations [Text Block] Basis of Accounting [Text Block] New Accounting Pronouncements, Policy [Policy Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Dividend yield Expected stock price volatility Risk-free interest rate Expected award life (in years) Weighted average fair value per share of options granted during the period (in Dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] Granted Granted Granted Granted Granted Exercised Exercised Canceled Compensation and Employee Benefit Plans [Text Block] Schedule of Net Benefit Costs [Table Text Block] Service cost Interest cost Amortization of pension costs Debt Disclosure [Text Block] Comprehensive Income (Loss) Note [Text Block] Property, Plant and Equipment Disclosure [Text Block] Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block] Cost of sales Selling, general and administrative expenses Earnings Per Share [Text Block] Stockholders' Equity Note Disclosure [Text Block] Subsequent Events [Text Block] Canceled Amortization of net gain(1) Defined Benefit Plans and Other Postretirement Benefit Plans [Axis] Supplemental Employee Retirement Plan [Member] Line Of Credit Interest Rate Type [Axis] LIBOR Rate [Member] Credit Facility [Axis] Credit Facility [Member] Base Rate [Member] Class of Stock [Axis] Common Stock [Member] Number of Stores Area of Stores (in Square Feet) Percentage of Annual Net Sales Recorded in the Fourth Quarter Other Income Proceeds from Legal Settlements Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Intrinsic Value of Stock Awards Outstanding (in Dollars) Intrinsic Value of Stock Awards Exercisable (in Dollars) Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) Debt Instrument, Basis Spread on Variable Rate Line of Credit Facility, Unused Capacity, Commitment Fee Percentage Line of Credit Facility, Current Borrowing Capacity (in Dollars) Stock Repurchased During Period, Shares Treasury Stock Acquired, Average Cost Per Share Stock Repurchase Program, Remaining Authorized Repurchase Amount Subsequent Event, Description Subsequent Event, Date Restated Lease Annual Payment Reduction Range [Domain] Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Table] Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items] Defined Benefit Plan and Other Postretirement Benefit Plan [Domain] Defined Benefit Plans (Details) [Table] Defined Benefit Plans (Details) [Line Items] Credit Facility [Domain] LineOfCreditInterestRateType [Domain] Line of Credit (Details) [Table] Line of Credit (Details) [Line Items] Class of Stock [Domain] Shareholders' Equity (Details) [Table] Shareholders' Equity (Details) [Line Items] Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer) also includes Aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Area of stores. Intrinsic Value of Stock Awards Exercisable Intrinsic value of stock awards outstanding as of the reporting date. Percentage of net sales. The amount that annual payments will be reduced when a lease is restated Tabular disclosure for depreciation and amortization of fixed assets. Depreciation of property, plant and equipment directly related to selling, general and administrative expenses during the reporting period. Number of shares exercisable under stock award as of the reporting date. Weighted average price at exercisable under the stock award. The weighted average grant-date fair value of exercisable as of the reporting date. Share based compensation arrangement by share based payment award options and other than options outstanding number. Share based compensation arrangement by share based payment award options and other than options vested and expected to vest exercisable number. Number of shares outstanding subject to option under share based payment award as of the reporting date. Weighted average price at which grantees can acquire the shares reserved for issuance under the stock award plan. The weighted average grant-date fair value of stock award as of the reporting date. Weighted average remaining contractual term for stock awards. Share based compensation arrangement by share based payment other share awards canceled. Share based compensation arrangement by share based payment other share awards granted weighted average grant date value. Weighted average price at canceled under stock award. Weighted average remaining contractual term exercisable for stock award. Weighted average remaining contractual term for option awards granted, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Number of shares exercisable under other share awards. Number of shares outstanding under other share awards. Price per share of weighted average fair value of awards granted during the period. 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Stock Based Compensation (Details) - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

9 Months Ended

Oct. 31, 2015

$ / shares

Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Abstract]

Number of Shares Subject To option, Balance | shares

2,465,110

Weighted Average Exercise Price | $ / shares

$ 6.80

Weighted Average Remaining Contractual Term

3.8

Other Share Awards, Balance | shares

237,400

^[1]

Weighted Average Grant Date Value, Balance | $ / shares

$ 3.75

Exercisable October 31, 2015 | shares

1,351,325

Exercisable October 31, 2015 | $ / shares

$ 4.21

Exercisable October 31, 2015

3.1

Exercisable October 31, 2015 | shares

51,774

^[1]

Exercisable October 31, 2015 | $ / shares

$ 4.68

Granted | shares

23,774

^[1]

$ 3.59

345,000

$ 3.72

9.6

(8,000)

Exercised | $ / shares

$ 2.33

Canceled | shares

(690,035)

Canceled | $ / shares

$ 13.68

Number of Shares Subject To option, Balance | shares

2,112,075

Weighted Average Exercise Price | $ / shares

$ 4.07

Weighted Average Remaining Contractual Term

5.1

Other Share Awards, Balance | shares

261,174

^[1]

Weighted Average Grant Date Value, Balance | $ / shares

$ 3.73

[1]	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

XML 15 R9.htm IDEA: XBRL DOCUMENT

Recently Adopted Accounting Pronouncements

9 Months Ended

Oct. 31, 2015

Policy Text Block [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Note 3. Recently Adopted Accounting Pronouncements

XML 16 R29.htm IDEA: XBRL DOCUMENT

Depreciation and Amortization of Fixed Assets (Details) - Schedule of Depreciation and Amortization of Fixed Assets - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Schedule of Depreciation and Amortization of Fixed Assets [Abstract]
Cost of sales	$ 124	$ 129	$ 370	$ 380
Selling, general and administrative expenses	1,227	953	3,238	2,593
Total	$ 1,351	$ 1,082	$ 3,608	$ 2,973

XML 17 R28.htm IDEA: XBRL DOCUMENT

Line of Credit (Details) - USD ($) $ in Millions	9 Months Ended
Line of Credit (Details) - USD ($) $ in Millions	Oct. 31, 2015	Nov. 01, 2014	May. 02, 2012
Line of Credit (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)			$ 75
Line of Credit Facility, Current Borrowing Capacity (in Dollars)	$ 65	$ 65
Minimum [Member] \| Credit Facility [Member]
Line of Credit (Details) [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
Minimum [Member] \| Credit Facility [Member] \| LIBOR Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Minimum [Member] \| Credit Facility [Member] \| Base Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Maximum [Member] \| Credit Facility [Member]
Line of Credit (Details) [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Maximum [Member] \| Credit Facility [Member] \| LIBOR Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Maximum [Member] \| Credit Facility [Member] \| Base Rate [Member]
Line of Credit (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%

XML 18 R30.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	23 Months Ended
	Oct. 31, 2015	Aug. 01, 2015
Shareholders' Equity (Details) [Line Items]
Stock Repurchased During Period, Shares	61,410	1,750,086
Treasury Stock Acquired, Average Cost Per Share	$ 3.83	$ 3.84
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 15.3

XML 19 R31.htm IDEA: XBRL DOCUMENT

Subsequent Event (Details) $ in Millions	9 Months Ended
Subsequent Event (Details) $ in Millions	Oct. 31, 2015 USD ($)
Subsequent Events [Abstract]
Subsequent Event, Description	On December 4, 2015, the Company amended and restated the lease, a copy of which is attached hereto as Exhibit 10.1, for its’ corporate office space in Albany, NY with Robert J. Higgins, its Chairman and largest shareholder. The amended and restated lease commences January 1, 2016 and expires December 31, 2020. Upon commencement of the amended and restated lease, annual payments will be reduced by approximately $1.0 million. The reduction in payments will be reflected in the Condensed Consolidated Statements of Income as a reduction of interest expense partially offset by an increase in Cost of Sales and SG&A expenses
Subsequent Event, Date	Dec. 04, 2015
Restated Lease Annual Payment Reduction	$ 1.0

XML 20 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation

9 Months Ended

Oct. 31, 2015

Disclosure Text Block [Abstract]

Basis of Accounting [Text Block]

Note 2: Basis of Presentation

The Company’s significant accounting policies are the same as those described in Note 1 to the Company’s Consolidated Financial Statements on Form 10-K for the fiscal year ended January 31, 2015.

XML 21 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 74,854	$ 118,537	$ 79,366
Merchandise inventory	149,524	126,377	158,017
Other current assets	12,396	10,244	11,041
Total current assets	236,774	255,158	248,424
NET FIXED ASSETS	27,282	15,769	15,883
OTHER ASSETS	9,081	9,082	9,270
TOTAL ASSETS	273,137	280,009	273,577
CURRENT LIABILITIES:
Accounts payable	65,471	63,527	69,335
Accrued expenses and other current liabilities	6,763	7,397	6,976
Deferred revenue	8,430	9,852	8,996
Current portion of capital lease obligations	143	938	1,075
Total current liabilities	80,807	81,714	86,382
CAPITAL LEASE OBLIGATIONS, less current portion			142
OTHER LONG-TERM LIABILITIES	27,716	26,555	23,707
TOTAL LIABILITIES	$ 108,523	$ 108,269	$ 110,231
SHAREHOLDERS’ EQUITY
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)
Common stock ($0.01 par value; 200,000,000 shares authorized; 58,345,668, 58,337,668 and 58,325,668 shares issued, respectively)	$ 583	$ 583	$ 583
Additional paid-in capital	315,956	315,486	315,343
Treasury stock at cost (27,270,691, 27,094,423 and 26,797,074 shares, respectively)	(227,060)	(226,412)	(225,423)
Accumulated other comprehensive (loss) income	(1,950)	(2,181)	315
Retained earnings	77,085	84,264	72,528
TOTAL SHAREHOLDERS’ EQUITY	164,614	171,740	163,346
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 273,137	$ 280,009	$ 273,577

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Net cash used by operating activities	$ (26,165)	$ (24,995)
Cash flows from investing activities:
Purchases of fixed assets	(15,293)	(7,390)
Investments, short term	(800)
Net cash used by investing activities	(16,093)	(7,390)
Cash flows from financing activities:
Cash dividends paid		(16,036)
Payments of capital lease obligations	(795)	(787)
Exercise of stock options	19	47
Purchase of treasury stock	(649)	(2,475)
Net cash used by financing activities	(1,425)	(19,251)
Net decrease in cash and cash equivalents	(43,683)	(51,636)
Cash and cash equivalents, beginning of period	118,537	131,002
Cash and cash equivalents, end of period	$ 74,854	$ 79,366

XML 24 R22.htm IDEA: XBRL DOCUMENT

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Disclosure Text Block [Abstract]
Other Income	$ 1.8	$ 1.4	$ 6.0	$ 4.0
Proceeds from Legal Settlements			$ 1.4

XML 25 R24.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted	9 Months Ended
	Oct. 31, 2015 $ / shares
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items]
Dividend yield	0.00%
Weighted average fair value per share of options granted during the period (in Dollars per share)	$ 1.93
Minimum [Member]
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items]
Expected stock price volatility	47.00%
Risk-free interest rate	1.45%
Expected award life (in years)	4 years 335 days
Maximum [Member]
Stock Based Compensation (Details) - Schedule for estimation of fair value for the stock based awards granted [Line Items]
Expected stock price volatility	66.80%
Risk-free interest rate	2.18%
Expected award life (in years)	5 years 259 days

XML 26 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 27 R7.htm IDEA: XBRL DOCUMENT

Nature of Operations

9 Months Ended

Oct. 31, 2015

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

Note 1. Nature of Operations

Liquidity and Cash Flows:

Seasonality:

XML 28 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Oct. 31, 2015	Jan. 31, 2015	Nov. 01, 2014
Preferred stock par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued	0	0	0
Common stock par value (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000	200,000,000
Common stock, shares issued	58,345,668	58,337,668	58,325,668
Treasury stock, shares at cost	27,270,691	27,094,423	26,797,074

XML 29 R17.htm IDEA: XBRL DOCUMENT

Subsequent Event

9 Months Ended

Oct. 31, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 11. Subsequent Event

XML 30 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information	9 Months Ended
Document And Entity Information	Oct. 31, 2015 shares
Document and Entity Information [Abstract]
Entity Registrant Name	TRANS WORLD ENTERTAINMENT CORP
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding	31,074,977
Amendment Flag	false
Entity Central Index Key	0000795212
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

XML 31 R18.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Tables)

9 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The table below outlines the assumptions that the Company used to estimate the fair value of stock options granted during the thirty-nine weeks ended October 31, 2015:

Dividend yield	0%
Expected stock price volatility	47.0%-66.8%
Risk-free interest rate	1.45%-2.18%
Expected award life (in years)	4.92-5.71
Weighted average fair value per share of options granted during the period	$1.93

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block]

The following table summarizes stock award activity during the thirty-nine weeks ended October 31, 2015:

	Employee and Director Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards⁽¹⁾		Weighted Average Grant Fair Value

Balance January 31, 2015		2,465,110		$	6.80		3.8		237,400	$	3.75
Granted		345,000			3.72		9.6		23,774		3.59
Exercised		(8,000	)		2.33		—		—		—
Canceled		(690,035	)		13.68		—		—		—
Balance October 31, 2015		2,112,075		$	4.07		5.1		261,174	$	3.73
Exercisable October 31, 2015		1,351,325		$	4.21		3.1		51,774	$	4.68

(1)	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

XML 32 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Net sales	$ 67,925	$ 72,456	$ 213,339	$ 231,580
Cost of sales	41,245	43,922	128,699	142,222
Gross profit	26,680	28,534	84,640	89,358
Selling, general and administrative expenses	30,475	32,520	90,318	97,772
Loss from operations	(3,795)	(3,986)	(5,678)	(8,414)
Interest expense, net	488	469	1,367	1,429
Loss before income tax expense	(4,283)	(4,455)	(7,045)	(9,843)
Income tax expense	45	21	134	115
Net loss	$ (4,328)	$ (4,476)	$ (7,179)	$ (9,958)
BASIC AND DILUTED LOSS PER SHARE:
Basic and Diluted loss per share (in Dollars per share)	$ (0.14)	$ (0.14)	$ (0.23)	$ (0.31)
Weighted average number of common shares outstanding – basic and diluted (in Shares)	31,107	31,627	31,140	31,860

XML 33 R12.htm IDEA: XBRL DOCUMENT

Line of Credit

9 Months Ended

Oct. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 6. Line of Credit

The availability under the Credit Facility is subject to limitations based on inventory levels.

During the third quarter of fiscal 2015 and 2014, the Company did not have any borrowings under the Credit Facility. The Company did not have any borrowings under its Credit Facility during fiscal 2012, fiscal 2013, and fiscal 2014. As of October 31, 2015 and November 1, 2014, the Company had no outstanding letter of credit obligations under the Credit Facility. The Company had $65 million available for borrowing as of both October 31, 2015 and November 1, 2014.

XML 34 R11.htm IDEA: XBRL DOCUMENT

Defined Benefit Plans

9 Months Ended

Oct. 31, 2015

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Note 5. Defined Benefit Plans

The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods:

	Thirteen weeks ended						Thirty-nine weeks ended
	October 31, 2015			November 1, 2014			October 31, 2015			November 1, 2014
	(in thousands)						(in thousands)
Service cost	$	17		$	14		$	51		$	42
Interest cost		145			172			435			517
Amortization of pension costs		86			180			258			540
Amortization of net gain⁽¹⁾		(9	)		(35	)		(27	)		(106	)
Net periodic pension cost	$	239		$	331		$	717		$	993

(1)	The amortization of net gain is related to a Director Retirement Plan previously provided by the Company.

XML 35 R23.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Details) shares in Millions	9 Months Ended
Stock Based Compensation (Details) shares in Millions	Oct. 31, 2015 USD ($) shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) \| $	$ 900,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 255 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	8.0
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Outstanding Number	2.4
Share Based Compensation Arrangement By Share Based Payment Award Options And Other Than Options Vested And Expected To Vest Exercisable Number	1.5
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2.1
Intrinsic Value of Stock Awards Outstanding (in Dollars) \| $	$ 842,000
Intrinsic Value of Stock Awards Exercisable (in Dollars) \| $	$ 625,000

XML 36 R19.htm IDEA: XBRL DOCUMENT

Defined Benefit Plans (Tables)

9 Months Ended

Oct. 31, 2015

Disclosure Text Block Supplement [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods:

	Thirteen weeks ended						Thirty-nine weeks ended
	October 31, 2015			November 1, 2014			October 31, 2015			November 1, 2014
	(in thousands)						(in thousands)
Service cost	$	17		$	14		$	51		$	42
Interest cost		145			172			435			517
Amortization of pension costs		86			180			258			540
Amortization of net gain⁽¹⁾		(9	)		(35	)		(27	)		(106	)
Net periodic pension cost	$	239		$	331		$	717		$	993

(1)	The amortization of net gain is related to a Director Retirement Plan previously provided by the Company.

XML 37 R15.htm IDEA: XBRL DOCUMENT

Income (Loss) Per Share

9 Months Ended

Oct. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 9. Basic and Diluted Loss Per Share

XML 38 R13.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income/Loss

9 Months Ended

Oct. 31, 2015

Disclosure Text Block [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Note 7. Accumulated Other Comprehensive (Loss) Income

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

XML 39 R14.htm IDEA: XBRL DOCUMENT

Depreciation and Amortization of Fixed Assets

9 Months Ended

Oct. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 8. Depreciation and Amortization of Fixed Assets

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows:

	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 31, 2015		November 1, 2014		October 31, 2015		November 1, 2014
	(in thousands)				(in thousands)
Cost of sales	$	124	$	129	$	370	$	380
Selling, general and administrative expenses		1,227		953		3,238		2,593
Total	$	1,351	$	1,082	$	3,608	$	2,973

XML 40 R16.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

9 Months Ended

Oct. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 10. Shareholders’ Equity

The Company classifies the repurchased shares as treasury stock on the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
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+ Details

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Nature of Operations (Details) ft² in Millions	3 Months Ended
Nature of Operations (Details) ft² in Millions	Jan. 31, 2015	Oct. 31, 2015 ft²
Disclosure Text Block [Abstract]
Number of Stores		309
Area of Stores (in Square Feet)		1.8
Percentage of Annual Net Sales Recorded in the Fourth Quarter	35.00%

XML 42 R26.htm IDEA: XBRL DOCUMENT

Defined Benefit Plans (Details)	Oct. 31, 2015 USD ($)
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plans (Details) [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	$ 182,000

XML 43 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Net loss	$ (4,328)	$ (4,476)	$ (7,179)	$ (9,958)
Amortization of pension costs	77	145	231	434
Comprehensive loss	$ (4,251)	$ (4,331)	$ (6,948)	$ (9,524)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Stock Based Compensation

9 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 4. Stock Based Compensation

The table below outlines the assumptions that the Company used to estimate the fair value of stock options granted during the thirty-nine weeks ended October 31, 2015:

Dividend yield	0%
Expected stock price volatility	47.0%-66.8%
Risk-free interest rate	1.45%-2.18%
Expected award life (in years)	4.92-5.71
Weighted average fair value per share of options granted during the period	$1.93

The following table summarizes stock award activity during the thirty-nine weeks ended October 31, 2015:

	Employee and Director Stock Award Plans
	Number of Shares Subject To Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Other Share Awards⁽¹⁾		Weighted Average Grant Fair Value

Balance January 31, 2015		2,465,110		$	6.80		3.8		237,400	$	3.75
Granted		345,000			3.72		9.6		23,774		3.59
Exercised		(8,000	)		2.33		—		—		—
Canceled		(690,035	)		13.68		—		—		—
Balance October 31, 2015		2,112,075		$	4.07		5.1		261,174	$	3.73
Exercisable October 31, 2015		1,351,325		$	4.21		3.1		51,774	$	4.68

(1)	Other Share Awards include deferred shares granted to Directors and restricted share units granted to executive officers.

As of October 31, 2015, the intrinsic value of stock awards outstanding was approximately $842,000 and exercisable was $625,000.

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Defined Benefit Plans (Details) - Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Oct. 31, 2015

Nov. 01, 2014

Oct. 31, 2015

Nov. 01, 2014

Schedule Components of Net Periodic Benefit Cost and Other Comprehensive Income Loss [Abstract]

Service cost

$ 17

$ 14

$ 51

$ 42

Interest cost

145

172

435

517

Amortization of pension costs

180

258

540

Amortization of net gain(1)

^[1]

(9)

(35)

(27)

(106)

Net periodic pension cost

$ 239

$ 331

$ 717

$ 993

[1]	The amortization of net gain is related to a Director Retirement Plan previously provided by the Company.

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9 Months Ended

Oct. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of Depreciation and Amortization of Fixed Assets [Table Text Block]

Depreciation and amortization of fixed assets included in the condensed consolidated statements of operations is as follows:

	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 31, 2015		November 1, 2014		October 31, 2015		November 1, 2014
	(in thousands)				(in thousands)
Cost of sales	$	124	$	129	$	370	$	380
Selling, general and administrative expenses		1,227		953		3,238		2,593
Total	$	1,351	$	1,082	$	3,608	$	2,973