Syms Corporation

Syms Corporation was an American off-price apparel retailer founded by Sy Syms in 1958. The business began as a men's clothing store on Cortlandt Street in New York City's Financial District after Sy Syms, then known as Seymour Merns, separated from a clothing business operated with his brother. Legal action over the original store name led to the adoption of the shorter SYMS name, and Merns later legally changed his name to Sy Syms. The company built its identity around selling nationally recognized designer and brand-name clothing at prices below conventional retail, serving men, women, and children through stores concentrated primarily in the eastern United States. SYMS expanded gradually during the 1960s and 1970s and introduced its first television commercial in 1974. That advertisement established the enduring slogan “An educated consumer is our best customer,” which reflected the retailer's emphasis on comparison shopping, brand knowledge, and value rather than a conventional full-price department-store experience. The company continued to add locations during the 1980s and 1990s. It became publicly traded on the New York Stock Exchange in 1983 under the symbol SYM, at which time it operated eleven stores. The chain later reached a peak of approximately forty-eight SYMS locations. Leadership remained closely associated with the Syms family. Sy Syms served as chairman and was a highly visible spokesperson in the company's television and radio advertising. His daughter Marcy Syms joined the business in 1978, became president and chief operating officer in the 1980s, and was appointed chief executive officer in 1998. After Sy Syms died in 2009, Marcy became chairwoman in January 2010. Her tenure included the company's major strategic expansion into the Filene's Basement business. The retailer encountered increasing financial pressure around the beginning of the twenty-first century. It recorded its first loss in 2000 and experienced additional losses in the following years. Competition from large department stores, changing consumer behavior, and a difficult economic environment weakened the off-price chain. In June 2009, Syms acquired the bankrupt Filene's Basement chain for approximately $62.4 million. The transaction expanded the combined business but did not restore sustainable profitability. On November 2, 2011, Syms Corporation and Filene's Basement jointly filed for Chapter 11 bankruptcy protection. The combined companies ultimately closed all SYMS and Filene's Basement stores at the end of December 2011. At its broader peak, the combined operation had consisted of as many as 55 stores in 16 states and employed approximately 3,800 full- and part-time workers; at the time of the bankruptcy filing, reporting described 46 locations and roughly 2,500 employees. The retail operations therefore ended in 2011, making Syms a defunct American retailer rather than an active brand.

Syms Corporation originated in 1958 when Seymour Merns left a clothing business associated with his brother and opened a competing men's store on Cortlandt Street in lower Manhattan. The store initially used the name Sy Merns, but a legal dispute required a change, resulting in the SYMS name. Merns subsequently adopted Sy Syms as his legal name, aligning his identity with the emerging retail brand. The company developed as a value-oriented clothing retailer. Rather than competing primarily through private-label merchandise, SYMS offered recognized designer and brand-name apparel at off-price levels. Its stores served multiple customer groups, eventually carrying merchandise for men, women, and children. Expansion was measured in the 1960s and 1970s, and the company entered broadcast advertising in 1974. Its first television commercial introduced the slogan “An educated consumer is our best customer,” a phrase that became central to the brand's identity and remained in use until the company closed. SYMS accelerated its growth in the 1980s and 1990s. It became a public company in 1983, listing on the New York Stock Exchange under the symbol SYM. At the time of the initial public offering, the chain had eleven stores. It subsequently expanded to a high point of approximately forty-eight SYMS locations. Sy Syms remained closely involved as chairman and appeared regularly in the retailer's advertising. His daughter Marcy Syms entered the company in 1978 in marketing and real estate, became president and chief operating officer during the 1980s, and took over as chief executive officer in 1998. The business began facing more persistent difficulties around 2000, when it reported its first loss. Further losses followed in the early 2000s. The company operated in an increasingly competitive apparel environment in which large department stores, other off-price chains, changing shopping patterns, and weak economic conditions placed pressure on margins and traffic. Sy Syms died in 2009, and Marcy Syms became chairwoman in January 2010. Before that transition, in June 2009, the company bought the bankrupt Filene's Basement chain for approximately $62.4 million. The acquisition gave Syms a larger national footprint and a second established off-price retail identity, but it also added complexity and did not reverse the company's financial decline. On November 2, 2011, Syms Corporation and Filene's Basement filed jointly for Chapter 11 bankruptcy protection. The combined retail group closed every SYMS and Filene's Basement store by the end of December 2011. Depending on the point in the company's expansion and wind-down, published descriptions refer to a peak of 55 locations across 16 states with approximately 3,800 employees, and to 46 locations and approximately 2,500 employees around the bankruptcy filing. The closure ended Syms Corporation's retail operations and its life as an active store brand.

• 2011

  Chapter 11 filing and store closures

  [1]Syms Corporationen.wikipedia.org

  Syms and Filene's Basement filed for Chapter 11 protection on November 2, and all stores closed at the end of December.

• 2009

  Acquisition of Filene's Basement

  [1]Syms Corporationen.wikipedia.org

  Syms acquired the bankrupt Filene's Basement chain for approximately $62.4 million.

• 1998

  Marcy Syms becomes chief executive officer

  [1]Syms Corporationen.wikipedia.org

  Marcy Syms, who had joined the company in 1978, was appointed chief executive officer.

• 1983

  Syms becomes a public company

  [1]Syms Corporationen.wikipedia.org

  The company completed its public offering and began trading on the New York Stock Exchange under the symbol SYM, with eleven retail locations.

• 1974

  First television commercial introduces the brand slogan

  [1]Syms Corporationen.wikipedia.org

  SYMS began television advertising and introduced “An educated consumer is our best customer,” the slogan associated with the retailer through its closure.

• 1958

  First SYMS store opens in New York

  [1]Syms Corporationen.wikipedia.org

  Sy Syms opened a men's clothing store on Cortlandt Street after separating from his family's clothing business. The store ultimately adopted the SYMS name.

An off-price apparel retailer offering designer and nationally recognized brand-name merchandise at discounts to conventional retail prices. Its communications emphasized informed shopping and consumer value.

• Off-price apparel retail · 1958

  SYMS off-price apparel

  SYMS stores sold discounted clothing from nationally recognized designer and brand-name labels. The assortment covered men's, women's, and children's apparel and was designed to give shoppers access to branded merchandise below typical department-store prices. The stores' value proposition centered on comparison shopping and informed purchasing rather than a single proprietary product line.

• Off-price apparel retail · 2009

  Filene's Basement

  Filene's Basement was a separate established low-price retail chain acquired by Syms in 2009. Under Syms ownership, it formed part of the combined store portfolio and continued to offer discounted branded apparel and related merchandise until the joint bankruptcy and closure of all stores in 2011.

• 1974An educated consumer is our best customer

  United States

  SYMS introduced its enduring advertising platform in its first television commercial. The message framed the retailer as a place for shoppers seeking branded merchandise and value through informed comparison.

  Outcome. The slogan became the company's signature advertising line and remained associated with SYMS until the stores closed.

  Source

• 2011

  Chapter 11 restructuring and liquidationOther

  Background

  Persistent losses, economic weakness, and competition from larger department stores undermined the combined SYMS and Filene's Basement business.

  Action taken

  The two companies filed jointly for Chapter 11 bankruptcy protection on November 2, 2011.

  Aftermath

  All SYMS and Filene's Basement stores closed at the end of December 2011, ending the retail operations.

  Source

• 2009

  Acquisition of Filene's BasementM&A

  Background

  Syms sought to broaden its off-price retail platform while the company faced financial pressure and a challenging apparel market.

  Action taken

  It acquired the bankrupt Filene's Basement chain for approximately $62.4 million.

  Aftermath

  The acquisition expanded the combined store portfolio but did not prevent the two businesses from entering bankruptcy protection in 2011.

  Acquisition price. Approximately $62.4 million (2009)

  Source

• 1983

  Public offering and expansionStrategy

  Background

  After expanding to eleven stores, Syms pursued public-market financing to support the growth of its off-price retail chain.

  Action taken

  The company completed an initial public offering and listed on the New York Stock Exchange under SYM.

  Aftermath

  SYMS continued expanding during the 1980s and 1990s and eventually reached approximately 48 locations.

  Source

• 2011

  Syms and Filene's Basement file for Chapter 11 bankruptcy protection[1]Syms Corporationen.wikipedia.org

  Bankruptcy · Other

  Syms Corporation and its subsidiary Filene's Basement jointly sought Chapter 11 protection amid sustained losses, competitive pressure, and a difficult retail environment.

• 2011

  All SYMS and Filene's Basement stores close[1]Syms Corporationen.wikipedia.org

  Bankruptcy · Other

  Following the bankruptcy filing, the combined companies closed their remaining retail stores at the end of December 2011.

• 2009

  Syms acquires Filene's Basement[1]Syms Corporationen.wikipedia.org

  M&A

  Syms purchased the bankrupt low-price retailer Filene's Basement for approximately $62.4 million, bringing the chain into the Syms corporate portfolio.

1. 1Syms Corporationen.wikipedia.org