Syms Corp Elects Marcy Syms as Chairman

Jan 07, 2010, 18:40 ET from Syms Corp

SECAUCUS, N.J., Jan. 7 /PRNewswire-FirstCall/ -- Syms Corp (Nasdaq: SYMS), a leading off-price retailer, announced today that Marcy Syms, President and Chief Executive Officer, has been elected to the additional post of Chairman of the Board. The announcement was made following the Board's meeting today.

Ms. Syms succeeds her father, Sy Syms, who was Founder of Syms and Chairman of Syms Corp until his death in November.

Ms. Syms joined family-owned Syms Clothing in 1978 and was named President of Syms Corp when the company went public in 1983. She became CEO in 1998.

In June 2009, Syms acquired Filene's Basement. Syms Corp currently operates 53 stores under the Syms and Filene's Basement brands.

Forward-Looking Statements

Certain information in this press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to Syms Corp and its subsidiaries that are based on the beliefs of Syms' management, as well as assumptions made by and information currently available to Syms' management. When used in this press release, the words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions as they relate to Syms Corp and its subsidiaries, identify forward-looking statements. Such statements reflect the current views of Syms Corp with respect to future events, the outcome of which is subject to certain risks, including, among others, general economic and market conditions, decreased consumer demand for Syms' and Filene's Basement's products, possible disruptions in Syms' computer or telephone systems, possible work stoppages or increase in labor costs, effects of competition, the impact of integrating Filene's Basement's business and Syms Corp's existing business, possible disruptions or delays in the opening of new stores or inability to obtain suitable sites for new stores, higher than anticipated store closings or relocation costs, higher interest rates and borrowing costs, unanticipated increases in merchandise or occupancy costs, and other factors which may be outside control of Syms Corp. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to Syms Corp or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph.

Media contact: Davia Temin of Temin and Company, 212-588-8788.

SOURCE Syms Corp