ALBANY-Music retailer Trans World Entertainment has received a $5-per-share buyout offer from a group headed by Robert Higgins, company’s chief executive officer that totals about $155.4 million. Trans World’s common stock closed Thursday at $3.88 per share.

Higgins himself owns about 40% of the retailer’s stock. Another shareholder, Santa Monica, CA-based Riley Investment Management, which holds just over 9% of the common stock, may join Higgins in the bid.

By the end of its second quarter, which was completed Aug. 4, Trans World operated 12% less of its total store count from the same year-ago period, bringing it down to about 950 units. At the beginning of the year, Higgins said that many of the stores would be under the Musicland banner, a 400-unit chain which it acquired in 2006.

Trans World is also in the process of rebranding its store base into its fye chain. Other chains the company operates include oconuts Music and Movies, Strawberries Music, Wherehouse, Sam Goody and Spec’s.

During the second quarter same-store sales fell 6% year over year. Total sales fell 10%, to $267.3 million, and posted a $7.7-million loss.

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