Syms Corporation
| Company type | Public |
|---|---|
| Industry | Retail (apparel) |
| Founded | 1958 |
| Founder | Sy Syms |
| Defunct | 2011 |
| Fate | Filed for Chapter 11 bankruptcy; all stores closed |
| Headquarters | Secaucus, New Jersey , United States |
Area served | United States (16 states) |
Key people | Sy Syms (Founder, Chairman), Marcy Syms (CEO) |
| Products | Discount designer and brand-name clothing for men, women, and children |
Number of employees | 3800 (at peak), 2500 (at closure) (Peak year unknown, 2011 at closure) |
Syms Corp (branded as SYMS) was a discount apparel retail chain established by Sy Syms in 1958, with its headquarters located in Secaucus, New Jersey. The company went public on the New York Stock Exchange under the ticker SYM in 1983 and later acquired Filene's Basement in 2009.
At its height, Syms and its subsidiary operated a total of 55 off-price retail outlets spanning 16 states, employing roughly 3,800 staff members. Their stores specialized in offering a broad selection of well-known designer and brand-name clothing for men, women, and children.
On November 2, 2011, both SYMS and Filene's Basement sought protection under Chapter 11 bankruptcy, resulting in the closure of all store locations by December of the same year.
History
Seymour Merns founded the company in 1958 after departing from his family’s apparel business following a disagreement. He launched a competing men’s clothing store in New York City’s Financial District. After legal disputes with his brother, he abbreviated the store’s name to SYMS and officially changed his own name to Sy Syms.
The business experienced consistent growth throughout the 1960s and 1970s, introducing its inaugural television advertisement in 1974 that featured the enduring slogan, "An educated consumer is our best customer," which remained until the company ceased operations.
By the time of its 1983 initial public offering, Syms operated eleven stores and raised approximately $25 million. Expansion persisted through the 1980s and 1990s, reaching a peak count of forty-eight outlets. In 1998, Marcy Syms, Sy’s daughter, assumed the role of CEO while Sy retained his position as chairman.
The early 2000s presented financial difficulties with consecutive losses from 2000 to 2004. In an effort to diversify, Syms purchased the bankrupt Filene's Basement chain for $62.4 million in 2009. Nevertheless, persistent economic challenges and intensified competition from larger retailers obstructed recovery efforts.
Due to declining financial results and shrinking market share, SYMS and Filene's Basement filed for bankruptcy protection in late 2011, leading to the shutdown of all 46 stores and ending operations with about 2,500 employees.
Sy Syms
Born Seymour Merinsky (1926–2009), Sy Syms was the founder and long-serving chairman of SYMS Corp. Previously a sports broadcaster, he became a recognizable figure through frequent appearances in company commercials and is credited with creating the slogan "An Educated Consumer is our Best Customer." He guided the company’s strategic direction until his passing in 2009.
Marcy Syms
Marcy Syms began her career at SYMS in 1978 as director of marketing and real estate. After the company's IPO in 1983, she advanced to president and subsequently chief operating officer. She was appointed CEO in 1998 and oversaw the acquisition of Filene's Basement in 2009. Marcy also directed the company’s shutdown and transition to new ownership under Trinity Place Holdings. Following her tenure at SYMS, she remains engaged in philanthropic activities as president of the Sy Syms Foundation and trustee of the Sy Syms School of Business, applying her leadership experience to support education and public television initiatives.