| Type | Public |
|---|---|
| Traded as | OTC Markets Group: SYMSQ |
| Industry | Retail |
| Headquarters | Secaucus, New Jersey, United States |
| Number of locations | 21 + 5 Syms & Filene's Basement[1] |
| Website | www.syms.com |
Syms Corporation (OTC Markets Group: SYMSQ) was an off-price clothing store chain founded by Sy Syms in 1959 with outlets in several U.S. states, and headquartered in Secaucus, New Jersey. It also owned the Filene's Basement stores between 2009 and 2011. Before it closed, the company operated 33 stores in 13 states, the bulk of which were centered in the Northeast, with a few stores also in the Midwest, and extending to a few stores in the South.
In November 2011, Syms filed for bankruptcy. All Syms and Filene's Basement stores closed by the end of December 2011.
Sy Syms, who was born Sy Merinsky (the entire family later changed their name to Merns), was a former broadcaster and regularly appeared in the company's commercials.[2] He is also credited with coining the company's slogan, "An Educated Consumer Is Our Best Customer".[3]
As of May 23, 2006, the company was publicly traded on the New York Stock Exchange.
Syms attempted to delist its shares from the NYSE and sought to deregister its shares from Securities and Exchange Commission oversight in December 2007.[4] Syms subsequently was sued by various investment funds in January 2008 demanding that Syms re-register its shares with the S.E.C. and re-list on either the NYSE or NASDAQ.[5][6] The investment funds urged shareholders to take various actions to force Syms to re-register its shares.[7] Syms was forced to re-register its shares with the S.E.C. and to re-list on the NASDAQ after shareholders revolted.[8]
In 2009, Syms bought venerable Boston off-price store Filene's Basement in bankruptcy court, but attempts to co-brand stores faltered.[9]
On November 2, 2011, Syms and Filene's Basement filed for bankruptcy protection. The company announced plans to close after the holiday season.